We begin with the news that house prices have continued to grow for the second consecutive month. The figure of growth came in at 0.1%.
The figures released by Hometrack property website suggested that demand in the property market had increased by 25% over the first quarter of 2012.
Meanwhile, National Australia Bank has taken the decision to pull out of the UK citing ‘depression era conditions’ and a double dip in the commercial property market.
The cuts will see 1,400 people lose their jobs and the announcement drew criticism from Unite union.
David Fleming from Unite said it was disgusting that, “Staff across Yorkshire and Clydesdale banks would wake up to hear that their jobs are being cut through the morning news reports.”
The only positive for the UK’s property market was that NAB did say that mortgage lending and deposits had grown despite the poor state of the UK’s economy.
The slip back into recession is believed to have further damaged confidence in the UK’s profitability.