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China’s import surge cheers markets; UK house price growth at 15-year high – business live

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Rolling coverage of the latest economic and financial news

The 1% jump in house prices in November suggests the market shrugged off the end of the stamp duty holiday in September.

But a rise in borrowing costs, perhaps this month or in February 2022, could cool demand.

“First-time buyers looking to access the property market may get their Christmas wish early as the ridiculous rise in house prices finally starts to fade. We have already seen buyers’ interest tailing off now that thoughts are moving to festivities and plans for 2022, although the sparse availability of stock continues to support prices.

The proof will be in the December pudding when the Bank of England meets to decide whether to increase interest rates or not. With widespread predictions of an imminent increase to curb rising inflation, December will set the tone for how the property market enters 2022.”

Continue reading…Rolling coverage of the latest economic and financial newsChina’s imports surge 32% y/y in NovemberScramble to restock depleted commodities like coal.Average UK property price hits a new record high of £272,992Quarterly house price inflation highest since late 2006UK travel firms call for state help after Omicron hits turnover‘Not great news’: US boss fires 900 employees on a Zoom callThe 1% jump in house prices in November suggests the market shrugged off the end of the stamp duty holiday in September.But a rise in borrowing costs, perhaps this month or in February 2022, could cool demand. “First-time buyers looking to access the property market may get their Christmas wish early as the ridiculous rise in house prices finally starts to fade. We have already seen buyers’ interest tailing off now that thoughts are moving to festivities and plans for 2022, although the sparse availability of stock continues to support prices.The proof will be in the December pudding when the Bank of England meets to decide whether to increase interest rates or not. With widespread predictions of an imminent increase to curb rising inflation, December will set the tone for how the property market enters 2022.” Continue reading…