UK House Prices See Fastest Growth Since February 2023: UK house prices rose by 3.3% year-on-year in November,
marking the fastest growth rate since February 2023, according to the Office for National Statistics.
The average house price reached £290,000 ($354,600), while the average price in England rose by 3% annually to £306,000.
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UK House Prices
Eurozone Industrial Output Shrinks
UK House Prices Record Highest Annual Growth Rate Since February 2023
UK house prices increased by 3.3% year-on-year in November, recording the fastest annual growth since February 2023,
according to the Office for National Statistics.
The average house price reached £290,000 ($354,600); in England, it rose 3% year-on-year to £306,000.
This growth persists despite higher borrowing costs, reflecting the resilience of the UK housing market.
However, these figures challenge the Bank of England in shaping monetary policy,
notably as annual inflation slowed to 2.5% in December, down from 2.6% in November.
Eurozone Industrial Output Shrinks Further in November Amid Declines in Capital and Intermediate Goods Sectors
Data released by Eurostat on Wednesday showed that industrial output in the Eurozone contracted by 1.9% year-on-year in November,
compared to a 1.1% contraction in October. This highlights a deepening industrial recession that has persisted for over a year.
The decline was driven by a 2.5% drop in intermediate goods production, a 1.3% fall in energy output,
and a 2.8% decrease in capital goods. In contrast, the production of non-durable consumer goods remained stable.
Germany, the region’s largest economy, was among the hardest hit, with industrial output falling by 3.3%,
following sharp declines of 4.5% in October and 4.3% in September.
Despite the annual contraction, industrial output in the Eurozone increased slightly by 0.2% in November,
the same growth rate as October, following a 1.6% decline in September.
Bank of Japan Governor: Monetary Policy Decisions Depend on Economic Improvement Signals
Bank of Japan Governor Kazuo Ueda stated during a meeting with branch
managers that the central bank would raise interest rates or adjust its monetary
support if economic and price conditions continue improving toward the inflation target.
Ueda emphasized that upcoming decisions would be based on thorough discussions during the next monetary policy meeting.
He also highlighted the importance of monitoring economic developments in the US and their impact on Japan’s economy.
Ueda noted that the momentum surrounding upcoming spring wage negotiations would be critical,
expressing optimism about early signs of positive wage increases.
Ueda added that the timing of any policy adjustments would depend on future economic,
price, and financial conditions.
This reflects the central bank’s data-driven approach to ensuring monetary stability and achieving inflation targets.
UK House Prices See Fastest Growth Since February 2023