UK House Prices Reach 7 Year High

Alcohol and tobacco prices also saw a 1 percent increase between July and August this year.

Separate data from the ONS showed British house prices rose by 11.7 percent in the year to July 2014, the biggest increase since July 2007. The move was driven by a 19.1 percent price surge in London which continues to lead the rises across the U.K.

Britain has seen a series of weak data that had muddied the picture about the timing of an interest rate hike. Unemployment fell to 6.4 percent for the April to June period from 6.5 percent in the previous quarter and GDP came in at 0.8 percent in the second quarter, but wages continued to show weakness.

Businesses have been worried that an interest rate hike could derail the U.K.’s economic recovery by creating uncertainty among consumers.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza