Figures released by ONS have revealed that UK houses prices have increased by 5.2% in the year to July 2015, the equivalent of £10,800 in a year.
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“A positive interpretation of this is that UK productivity is now seeing genuine improvement – with earnings growth stronger, UK companies may well now be really stepping up their efforts to lift productivity by getting more out of their existing workers”.
From May to July 2015 there were 31.09 million people in work, an increase of 42,000 compared to February to April 2015.
The sales rise stretches back to June 2014 and is likely to be leapt on by hawks on the Bank of England’s monetary policy committee as a sign of strength in the economy and another reason to raise interest rates as early as next spring.
“At 73.5%, employment rate at record high”.
The number of people claiming unemployment-related benefits last month also jumped by 1,200 to 791,700, said the ONS. The figures were stronger than expected by most economists.
Prices increased by 5.2 per cent year-on-year, the lowest rate of change since September 2013.
“Meanwhile, regular pay – not including bonuses – is growing at its fastest rate for over six years”. Compared with a year earlier, it was down by 183,100, data also showed. But we still face risks both from the global economy and from those at home who would undermine our economic security, hike taxes and nationalise industry.
However, on a monthly seasonally adjusted basis prices still grew by 0.8 per cent, up from 0.6 per cent at the same time last month. Moreover, as more job seekers gravitate to London and the surrounding areas, the housing crisis, that really only exists in this region, is exacerbated, ‘ Shephard said. “Now, real pay growth has become entrenched and the rate of unemployment has stabilised”.
But 5.36 million public-sector workers are denied the same perks because, in 2010, Tory Chancellor George Osborne capped pay rises at 1 per cent until 2019.
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The average first time buyer property value rose from £405,000 to a record £412,000 during the month.
