UK House Price Inflation At 11-Month High

Wednesday, 15 Nov, 2017

The house price index climbed 5.4 percent year-over-year in September, faster than the 4.8 percent rise in August, which was revised down from a 5.0 percent increase reported earlier.

The jobless total across the United Kingdom as a whole fell by 59,000 between July and September to 1.42 million.

The jobless total fell by 59,000 to 1.42 million.

In total, there are 32.06 million people at work in the United Kingdom, according to the figures, 14,000 fewer than for April to June 2017.

Excluding bonuses, earnings rose by 2.2 percent year-on-year in line with expectations.

"However, it remains higher than it was this time a year ago, and as always we would caution people against reading too much into one quarter's data".

The ONS data also suggested that the job market may be cooling.

A 0.9% increase in the Office for National Statistics' (ONS) labour productivity measure, marks the best result since the second quarter of 2011.

Jordan Buchanan, an economist at the Ulster University economic policy centre, said: "While signs that the trend rise in inflation may be coming to an end are welcome, 3% inflation is still higher than the wage or salary growth many people are experiencing".

Alongside the unemployment numbers, the ONS' data showed that real wages for average Brits continue to shrink as wage growth fails to keep up with inflation.

However, there was a 14,000 fall in employment in the three months to September, the first decline since April 2013, which dragged annual employment growth down to 0.6%, the lowest since 2012.

The ONS however warned that in the medium term it still expected United Kingdom productivity to grow at a slower pace than prior to the financial crisis.