New Data Suggest Possible Downturn for British Economy
New Data Suggest Possible Downturn for British
Economy
A string of recent data suggests the British economy may be headed for a moderate downturn. The housing market continues to grow weaker, consumer spending remains slow, and many analysts feel the difficult financial conditions will persist despite the Royal Institution of Chartered Surveyors (Rics) report of an increased gross domestic product in the third quarter.
The number of properties listed for sale fell in October for the first time since January as homeowners continued to lose confidence in the housing market due to plummeting prices and falling demand. Home prices continued to decline in October, as 49 percent more surveyors reported declines than those reporting a rise. It is the worst reading for the data since last April, according to the Rics report.
In the same period, 12 percent more surveyors reported a decline in the number of people looking for houses, as well. The Rics report comes on the heel of a Nationwide report of a 0.7 percent drop in home prices in October, nearly double the decline analysts had forecast, and Halifax reported a drop for the third quarter in home prices of 1.2 percent.
The British Retail Consortium (BRC), meanwhile, released data that would indicate the overall uncertainty in the economy is spreading well beyond the scope of the housing market. The value of underlying sales in the UK grew by 0.8 percent in October, compared with October of 2009, marking the seventh consecutive year-to-year increase in the data. The BRC reports that the bulk of the increase came in the form of rising food prices, as non-food prices actually declined.
A string of recent data suggests the British economy may be headed for a moderate downturn. The housing market continues to grow weaker, consumer spending remains slow, and many analysts feel the difficult financial conditions will persist despite the Royal Institution of Chartered Surveyors (Rics) report of an increased gross domestic product in the third quarter.
The number of properties listed for sale fell in October for the first time since January as homeowners continued to lose confidence in the housing market due to plummeting prices and falling demand. Home prices continued to decline in October, as 49 percent more surveyors reported declines than those reporting a rise. It is the worst reading for the data since last April, according to the Rics report.
In the same period, 12 percent more surveyors reported a decline in the number of people looking for houses, as well. The Rics report comes on the heel of a Nationwide report of a 0.7 percent drop in home prices in October, nearly double the decline analysts had forecast, and Halifax reported a drop for the third quarter in home prices of 1.2 percent.
The British Retail Consortium (BRC), meanwhile, released data that would indicate the overall uncertainty in the economy is spreading well beyond the scope of the housing market. The value of underlying sales in the UK grew by 0.8 percent in October, compared with October of 2009, marking the seventh consecutive year-to-year increase in the data. The BRC reports that the bulk of the increase came in the form of rising food prices, as non-food prices actually declined.
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