BUSINESS LIVE: House prices rise 11% in a year

BUSINESS LIVE: House prices rise 11% in a year; BRC warns food prices will increase in the coming months; E10 petrol available at forecourts from today

Property price growth recorded a ‘surprising’ bounceback in August as average values leapt by nearly £5,000 in the space of a month, according to Nationwide.

Across the UK, the average house price in August was £248,857, which is 11 per cent higher than a year earlier.

The average house price in August was £4,628 higher than in July, when it stood at £244,229.

Meanwhile, food retailers are fighting to keep their prices down but are coming under pressure from ‘rising commodity and shipping costs as well as Brexit-related red tape,, experts at the British Retail Consortium said today.  

The HGV driver shortage has created an additional problem with a shortfall of 90,000 drivers, it added. 

Shoppers saw the fall in shop prices slow down over the past month, increasing the prospect of inflation, according to the BRC’s new figures. 

A new form of petrol is being introduced at filling stations across Britain from today.

E10 petrol, which is made with up to 10 per cent bioethanol – a type of renewable fuel – will be the standard offering at forecourts as part of Government plans to cut carbon emissions.

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