| For a limited time, enjoy 30% off an annual digital subscription. Your support protects our vital independence and keeps us free of a paywall. To say thank you, we'll unlock unlimited reading in our quality news app and ad-free reading on all your devices. | | | | |  House prices in the UK rose by 0.4% in August, against a 0.1% drop in July, as Britain's largest mortgage lender Halifax warned of a "more challenging period ahead".
The annual rate of growth eased to 11.5% from 11.8%, suggesting the heat is slowly coming out of the market. Figures from Halifax show a typical UK property now costs a record £294,260. Wales is still showing the strongest annual growth in the UK, at 16.1%, while London recorded its highest annual rate in six years, at 8.8%.
Kim Kinnaird, director of Halifax Mortgages, said: "While house prices have so far proved to be resilient in the face of growing economic uncertainty, industry surveys point towards cooling expectations across the majority of UK regions, as buyer demand eases, and other forward-looking indicators also imply a likely slowdown in market activity.
"Firstly, there is the considerable hit to people's incomes from the cost of living squeeze … While government policy intervention may counter some of these impacts, borrowing costs are also likely to continue to rise, as the Bank of England is widely expected to continue raising interest rates into next year.
"With house price to income affordability ratios already historically high, a more challenging period for house prices should be expected."
Meanwhile, crude oil prices have fallen to their lowest level since before Russia invaded Ukraine in late February, as China's zero Covid policy and expectations of more interest rate rises around the world fuelled concerns over a global recession (which would reduce demand for oil).
Brent crude, the global benchmark, is down $1.56 (£1.36) to $91.27 a barrel, while US light crude has lost $1.68 to $85.2 a barrel.
China's exports and imports lost momentum in August as soaring inflation held back overseas demand and fresh Covid curbs and heatwaves disrupted output. Exports rose 7.1% in August from a year earlier, a big slowdown from July's 18% gain, official customs data showed. Oil imports fell 9.4%.
This led to a smaller trade surplus of $79.4bn compared with $101.3bn in July, which was a record for a single-month goods trade balance for any country.
High energy prices are leaving their mark on German industry. Data shows that industrial production in Europe's biggest economy fell 0.3% in July from the month before, compared with a 0.8% rise in June.
According to the statistical office, the relatively small number of school holidays and holiday leave prevented an even larger decline in production compared with July last year. Production in industry excluding energy and construction was down by 1%.
The agenda
• 9am BST: Italy retail sales for July
• 10am BST: eurozone second-quarter GDP, third estimate (forecast: 0.6%)
• 1.30pm BST: US trade for July
• 3pm BST: Bank of Canada interest rate decision
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Liz Truss's energy bill freeze has virtue of simplicity – but the drawbacks are clear 
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