UK Retail Sales Beat Forecasts in July
British retail sales rose more than expected in July, supported by warm summer weather and excitement around the women’s European soccer championship. However, annual growth came in below forecasts after official data revisions.
The Office for National Statistics (ONS) said retail sales volumes increased 0.6% from June, surpassing economists’ predictions of a 0.2% rise. On a yearly basis, sales were up 1.1%, slightly weaker than expected.
Revised data showed that June’s monthly growth was cut from 0.9% to just 0.3%, highlighting the volatility in consumer spending trends.
House Prices Continue Rising in August
In the housing market, UK house prices climbed 0.3% in August, according to mortgage lender Halifax. This marked the third consecutive monthly increase, pushing property prices 2.2% higher than a year earlier.
The figures beat expectations, as economists had predicted only a 0.1% monthly gain and 2% annual growth. The data underscores the ongoing resilience of the British property market, despite broader economic uncertainty.
