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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