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UK house prices soar £17,000 in a year to hit £217,000

The average house in the UK now costs £217,000. Credit: PA

The average house price in the UK has increased by £17,000 in the last year.

The increase means that the average house price in the UK is now £217,000.

Property values also increased by £1,000 on average in the last month, continuing a "strong" run of growth, according to the Office for National Statistics (ONS).

As of July the average house price in England stood at £233,000, while in Wales it was £145,000, in Scotland it was £144,000 and in Northern Ireland it was £123,000.

As the effects of Brexit on the housing market become clearer in the coming months, Thomas Fisher, an economist at PwC, said: "Our own expectation is that the UK housing market will cool not crash."

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Unemployment falls to 1.65m between March and May

Unemployment fell between March and May 2016, according to figures from the Office for National Statistics. Credit: PA Wire

Unemployment fell by 54,000 to 1.65 million between March and May, official figures show.

54,000
Unemployment fell by this figure between March and May - the lowest level in 11 years.
759,100
The number of people on the claimant count last month increased by 400 to this figure.
2.3%
Average earnings increased by this figure in the year to May - 0.3% up on the previous month.
  1. Richard Edgar

Inflation figures to stay where they are for some time

Energy prices used to get the blame for pushing up inflation but not this month.

Small rises from some energy companies were cancelled out by the removal of green taxes.

Read: Fuel bill cuts after Government pledge

Looking at the detail of the components of inflation usually gives some insight in which way the wind is blowing but this month things look to have ground to a halt.

Prices have fallen for unusual things, whilst upward pressure came from items such as baby wipes and toothbrushes. Credit: Reuters

Prices have fallen for peculiar things like "cultural events" - winter prices are lower at some attractions ­and DVDs.

Upward pressure came from baby wipes and toothbrushes. I¹m not making this up.

Reading the runes in that mix would be very hard except perhaps the very lack of direction tells us that inflation will stay where it is for some time.

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Alexander: The long term economic plan is working

Chief Secretary to the Treasury Danny Alexander has said that today's inflation figures are evidence the long term economic plan "is working."

Inflation falling below 2% for the first time since November 2009 is further evidence that our long term economic plan is working. Controlling inflation and rebuilding our economy are the only sustainable ways to secure living standards for the future.

– Danny Alexander

House prices rose by 5.5% in the year to December

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