Business News Asia
According to the UK’s Office for National Statistics, house prices rose by 13.6% year-on-year in August. This reflected a slowdown in growth from a 16% increase in July. House prices are affected by the abolition of tax breaks for homebuyers.
Previously, a study published in August showed that the rise in UK house prices is likely to end next year as the cost of living crisis and rising interest rates worsen the housing market.
On the same day, the UK’s Office for National Statistics reports that the consumer price index (CPI) rose 10.1% year-on-year in September as food and energy prices continued to rise.
The cost of living crisis continues to impact households and businesses ahead of winter. Inflation in the UK slowed from 10.1% in July to 9.9% in August after fuel prices fell.