London house prices fall for first time in 8 years

Prices in London fell by an annual 0.6 percent this month, Nationwide said. (Reuters)
Updated 29 September 2017

London house prices fall for first time in 8 years

LONDON: House prices in London have fallen for the first time since 2009 and prices across Britain overall rose at their slowest pace in more than four years in September, mortgage lender Nationwide said on Friday.
In a latest sign of the slowdown in Britain’s housing market since last year’s Brexit vote, Nationwide said prices in London fell by an annual 0.6 percent this month.
The British capital — which has attracted property investors around the world — represented the weakest performing region in the country for the first time since 2005.
Nationally, Nationwide said house prices rose 2.0 percent year-on-year in September, slowing slightly from a rise of 2.1 percent in August and the weakest increase since June 2013.
A Reuters poll of economists had pointed to annual growth of 1.9 percent for house prices across Britain.
Nationwide said pressure on household incomes, caused by rising inflation and slow wage growth, was cancelling out some of the support for the market from rock-bottom interest rates.
The Bank of England is widely expected to raise rates soon, possibly as soon as November 2 at the end of its next policy meeting. But Nationwide said a modest rise by the BoE would probably have only a small impact.
“This is partly because the proportion of borrowers directly impacted will be smaller than in the past. In recent years the vast majority of new mortgages have been extended on fixed interest rates,” Nationwide Chief Economist Robert Gardner said.
British house prices were rising by more than 5 percent a year at the time of last year’s referendum decision by voters to leave the European Union, according to Nationwide’s index, almost three times the current pace of growth.
In month-on-month terms, British house prices rose by 0.2 percent in September after falling by 0.1 percent in August.


Dubai launches economic program for post COVID-19 recovery 

Updated 05 August 2020

Dubai launches economic program for post COVID-19 recovery 

  • “The Great Economic Reset Programme” is part of a “COVID Exit initiative” to help the recovery and reshaping of the economy
  • The economic program will feature analyses of current and future policies

DUBAI: Dubai launched an economic program as part of its efforts to reshape the emirate’s economy for a “sustainable” and “resilient” future post the coronavirus pandemic, the government said. 
The Dubai government partnered with the Mohammed bin Rashid School of Government (MBRSG) to launch “The Great Economic Reset Programme” as part of a “COVID Exit initiative” to help the recovery and reshaping of the economy, state news agency WAM reported on Tuesday. 
The economic program will feature analyses of current and future policies, research and extensive stakeholder consultation to set the direction and tone of future economic policies, regulations and initiatives.
The government plans to use local and international experts for economies and societies to create growth strategies for the Dubai economy.
The MBRSG held a “Virtual Policy Council,” with global experts and thought leaders to discuss the impacts of COVID-19 on the economy and potential policy responses and initiatives. 
Chief economists, senior practitioners and researchers from leading global institutions including the World Bank, joined experts from Dubai Economy and the MBRSG at the first roundtable.
“I believe the triple helix collaboration between public, private and academia stakeholders have always produced the best solutions in the past. In the highly uncertain environment now, extensive collaboration and cooperation between all stakeholders are vital to our future prosperity. The Virtual Policy Council will propose the best approaches Dubai and the UAE can adopt to address the risks and opportunities in the next normal economy,” said Mohammed Shael Al-Saadi, CEO of the Corporate Strategic Affairs sector in Dubai Economy.
“This Virtual Policy Council is a key component of the whole process where global experts and thinkers share their views on the future economy. In this new era, the role of governments in enabling the new economic actors is becoming increasingly central, and Dubai is well-positioned to lead the way with innovative models of growth post COVID19,” said Professor Raed Awamleh, Dean of MBRSG.
The roundtable also discussed the impact of the pandemic on international trade, foreign investment and tourism, as well as the rise of digital globalization.