UK Housing Continues to Weaken in October

The latest poll, by YouGov for The Sun newspaper, suggests left-wing Labour are leading with a 34 percent share of the vote, while the ruling Conservative Party are at 31 percent. The more interesting news is further down the rankings, where anti-EU U.K. Independence Party (UKIP) are showing a 17 percent rating, outstripping the Liberal Democrats (LibDems), currently the junior coalition party in government, with 6 percent. The LibDems have also fallen behind the Green Party — which like UKIP has just one elected member of parliament — suggesting that the position as the third party in the country is in danger of wipeout.

“A variety of indicators suggest that the market has lost momentum,” Robert Gardner, Nationwide’s Chief Economist, said in the report. “The number of mortgages approved for house purchase in September was almost 20 percent below the level prevailing at the start of the year.”
“Some forward looking indicators, such as new buyer inquiries, suggest that activity may soften further in the near term, especially in London,” Gardner warned.

via CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.