UK housing market remains in the doldrums — survey

Britain’s housing market has cooled since the 2016 Brexit vote which led to a rise in overall inflation and increased uncertainty among investors. (Reuters)
Updated 12 July 2018

UK housing market remains in the doldrums — survey

LONDON: British house prices remained flat in June and the market was likely to stay sluggish in the coming months despite more properties being put up for sale, a surveyors group said on Thursday.
The Royal Institution of Chartered Surveyors’ (RICS) house price balance rose to +2 from -2 in May.
A Reuters poll of economists had pointed to a fall of -3 in June but RICS said the overall picture remained one of flat price growth and respondents taking part in the survey did not anticipate much change in the coming three months.
Britain’s housing market has cooled since the 2016 Brexit vote which led to a rise in overall inflation and increased uncertainty among investors.
“For the second month in a row, new instructions have risen, with 10 percent more respondents seeing an increase in the flow of properties being put up for sale,” RICS said.
“However, with average stocks remaining close to historic lows at 43 it would be too early to suggest that this issue is lessening as an obstacle.”
Looking further ahead, London’s housing market was likely to remain a weak spot — prices were not expected to rise in the capital and the neighboring south east region, in contrast to much of the rest of the country.


Saudi Arabia: OPEC, allies coordinating to hold Saturday meeting

Updated 41 min 16 sec ago

Saudi Arabia: OPEC, allies coordinating to hold Saturday meeting

  • Russian energy ministry earlier confirmed the meeting

DUBAI: Saudi Arabia’s energy minister said on Friday that OPEC and its allies, a group known as OPEC+, were working to hold their oil output policy meeting on Saturday.

“The conditions right now warrant hopefully successful meetings. Coordination is under way to hold OPEC and OPEC+ meetings tomorrow afternoon,” Prince Abdulaziz bin Salman said.

The Russian energy ministry earlier similarly said a video conference of a group of leading oil producers, known as OPEC+, would be held on Saturday.

The producers known as OPEC+ previously agreed to cut supply by 9.7 million barrels per day (bpd) during May and June to prop up prices that collapsed due to the coronavirus crisis.

Cuts have been due to taper to 7.7 million bpd from July to December.