Good morning. Rapidly rising interest rates aren’t taking the heat out of the UK housing market, a new report says.
The Royal Institution of Chartered Surveyors (RICS) says a lack of properties coming on the market will offset a decline in buyer interest next year.
According to the Royal Institution of Chartered Surveyors (RICS), a lack of properties for sale is expected to push prices higher, even as buyer interest wanes.
Although sales continued to decline in July compared with the previous month, RICS said a net balance of 63% of respondents reported an increase in house prices rather than a decrease.
This “strongly upward trend” was reported across the UK and is expected to continue over the next 12 months, RICS said.
Meanwhile, the FTSE 100 is poised for a soft rally as relief from cooler-than-expected US inflation figures yesterday boosted markets.
5 things to start the day
1) How stealth taxes became Gordon Brown’s saddest legacy Freezing thresholds amid rising inflation mean one in nine workers pay the highest rate of income tax
2) UK faces threat of rolling blackouts as electricity rationing turns into ‘load shedding’ As supplies falter, UK could see first managed downturn of its energy system for decades
3) Top banker quits after telling colleague she needed ‘love and affection’ Citigroup trader Jan Skarbek was suspended after allegedly making comments about a staff leak
4) Russia begins stripping planes for parts as sanctions bite Aeroflot forced to cannibalize planes to keep flying
5) Disney plans ad-funded version of streaming service in battle with Netflix Marvel and Star Wars owner defies slowdown fears with big jump in subscribers
What happened during the night
Hong Kong stocks opened slightly higher on Thursday, with the Hang Seng Index up 1.17 percent, or 229.73 points, to 19,840.57.
The Shanghai Composite rose 0.42%, or 13.45 points, to 3,243.47, while China’s second-largest bourse’s Shenzhen Composite rose 0.47%, or 10.18 points, up to 2,191.01.
It arrives today
- Company: Antofagasta, Coca-Cola HBC, Derwent London, Entertain, M&G, Network International Holdings, OSB Group, Petrofac, Prudential, Savills, Spirax-Sarco Engineering (interim)
- Economy: Unemployment Claims (US), Producer Price Index (US)