For the y/y, up 4.5% (prior +5.5%
The Brexit vote volatility flowed through the housing market, hardly surprising
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In other data (interest in partial indicators for the UK economy has skyrocketed in the wake of the vote, official data is out much much later).
British Retail Consortium (BRC) survey (this via Reuters):
- Retail footfall across Britain was 2.8 percent lower than a year earlier in the five weeks from May 29 to July 2
- Sharpest decline since February 2014 and down from a 0.3 percent increase in May
- BRC chief executive Helen Dickinson said other factors such as major televised sporting tournaments had also been at play in the latest set of data. "June has seen many distractions from Euro 2016 to Wimbledon so heading out to the shops seems to have slipped down the priority list for many"
A Deloitte survey conducted between June 28 and July 11 (this also via Reuters):
- 82 percent of chief financial officers from FTSE 350 and large private companies expect to cut capital spending in the next year
- The biggest proportion on record and up from 34 percent in the first quarter
- "Perceptions of uncertainty have soared to levels last associated with the euro crisis five years ago," said Ian Stewart, Deloitte's chief economist. "The spike in uncertainty has had a toxic effect on business sentiment, with optimism dropping to the lowest level since our survey started in 2007 -- lower, even, than in the wake of the failure of Lehman in late 2008."
- More than two-thirds of CFOs in the Deloitte survey said they believed leaving the EU will hurt the British business environment in the long-term
- Seventy-three percent of respondents said they were less optimistic about their company's financial prospects, a record high, and 83 percent expected to slow the pace of hiring. "CFOs do not seem to be waiting for growth to slow before adjusting direction. There has been a marked shift to more defensive balance sheet strategies in the wake of the referendum," said Stewart.
