UK house price growth at fastest annual rate since 2022; Labour ‘to give default right to ask for four-day working’ – business live

Live coverage of business, economics and financial markets as Nationwide figures show fastest annual house price growth since December 2022

It’s a mixed start for Europe’s stock market indices on the last trading day of August.

Here are the opening snaps via Reuters:

EUROPE’S STOXX 600 FLAT

BRITAIN’S FTSE 100 UP 0.3%; GERMANY’S DAX DOWN 0.1%

FRANCE’S CAC 40 FLAT; SPAIN’S IBEX UP 0.3%

EURO STOXX INDEX FLAT; EURO ZONE BLUE CHIPS DOWN 0.2%

While house price growth and activity remain subdued by historic standards, they nevertheless present a picture of resilience in the context of the higher interest rate environment and where house prices remain high relative to average earnings (which makes raising a deposit more challenging).

Providing the economy continues to recover steadily, as we expect, housing market activity is likely to strengthen gradually as affordability constraints ease through a combination of modestly lower interest rates and earnings outpacing house price growth.

The Conservatives pledged to make flexible working the default then failed to do so. We’ll build on their existing legislation to ensure flexibility is a genuine default, except where it is not reasonably feasible for employers to agree.

Flexible working options such as compressed hours and term-time working can support more people to stay in the workforce and boost productivity, whether keeping parents in their jobs or helping those juggling caring responsibilities for older relatives.

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