UK house price growth slowed in October before Wednesday’s budget, surprising economists who had expected faster increases, according to one of the key measures collected by a lender.
House prices grew by 0.1% in October, according to the Nationwide building society. That was less than the 0.3% rate that economists polled by Reuters predicted.
The annual rate of growth slowed from 3.2% in September to 2.4% in October, below the 2.8% expected by economists.
Robert Gardner, Nationwide’s chief economist, said: "Housing market activity has remained relatively resilient in recent months, with the number of mortgage approvals approaching the levels seen pre-pandemic, despite the significantly higher interest rate environment."
UK bond yields once more touched their highest point this year today, as investors continued to digest the implications of the first Labour budget in 14 years.
The yield – effectively the UK government’s borrowing cost – on the benchmark 10-year bond reached 4.526% in global trading today, matching the level hit on Thursday in the aftermath of Rachel Reeves’s budget statement as investors predicted a slower pace of interest rate cuts from the Bank of England. Since then it has fallen back slightly to 4.456%.
Scrutiny of bond market movements has been particularly intense after the budget because of the large borrowing set out by Reeves, alongside major tax increases. However, while there has been a noticeable reaction in the market for UK government bonds, also known as gilts, it has not so far been comparable to the turmoil after the budget of Liz Truss and Kwasi Kwarteng in 2022.
The agenda • 9.30am GMT: S&P Global UK manufacturing purchasing managers’ index (October; final reading; previous 51.5; consensus 50.3) • 12.30pm GMT: US non-farm payrolls (October: previous 254,000 new jobs; consensus 113,000) • 12.30pm GMT: US unemployment (October: previous 4.1%; consensus 4.1%)
Every small business owner has a lot on their plate— from navigating a whirlwind of tasks to tackling challenges left and right. In their pursuit of success, they’re looking for ways to help save time and resources without sacrificing sales and security.
Keep the wins coming with PayPal by your side. As a business owner, you can do more with PayPal’s comprehensive solution: offer your customers their most loved payment methods in one solution; secure and protected with built-in security tools; it's easy to get started. By consolidating all your payments with PayPal, you can focus on your next business victory.
You are receiving this email because you are a subscriber to Business Today. Guardian News & Media Limited - a member of Guardian Media Group PLC. Registered Office: Kings Place, 90 York Way, London, N1 9GU. Registered in England No. 908396
Rachel Reeves’s most irritating manifesto fudge: private equity’s tax loophole 
One year on, we know this: Sweden’s trade unions are more than a match for Elon Musk 
