UK house prices flat in June, says Nationwide; higher energy bills cap kicks in – business live

Guardian Live Business Blog · 2 months ago · 96 views

Annual house price growth accelerates to 2.2%, led by Northern Ireland; analysts say housing market remains weak, but falling mortgage rates pave way for recoveryUK manufacturing activity cooled in June despite a boost from ⁠companies stockpiling ahead of price increases and supply chain problems stemming from the Middle East conflict, according to closely ⁠watched industry survey.The final reading of S&P Global’s purchasing managers’ index for June fell to 52.5, ⁠below a preliminary estimate of 53.1, and May’s reading of 53.9. Readings above 50 indicate an expansion in activity.The UK ‌manufacturing sector ended the second quarter of the year on a positive note.Sustaining the upturn is becoming a bigger concern. Manufacturers are currently benefiting from client strategic stockpiling, as they safeguard against supply chain ‌disruptions and expected price rises. A drop in the rate of growth of new work intakes suggests this boost ​is already starting to fade.A further rise in manufacturing output in June adds to signs of encouraging resilience in the eurozone economy. June’s expansion in fact rounds off the strongest calendar quarter for euro area manufacturing production since the opening months of 2022, and will offset the recent decline that’s been recorded in the services economy.This sustained growth was accompanied by a welcome cooling of cost pressures, largely reflecting the sharp drop in oil prices seen during the month, alongside an easing of supply worries. Continue reading...