FTSE falls as house prices rise

The FTSE 100 failed to achieve a hat trick of record highs on Tuesday as it dropped down 0.65% to 7,513.11.

The blue-chip index was hit by falls in the retail sector following poor sales figures from the British Retail Consortium (BRC).

Halifax showed UK house prices rose more than expected in October, the third monthly rise in a row. House prices were up 0.3% on September, better than the 0.2% consensus estimate but down from the 0.8% increase from August to September.

For the three months to October, houses prices were 4.5% higher than the same period last year, an improvement from the 4.0% year-on-year increase announced a month earlier. The average house price is now £225,826.

The BRC said retailers suffered “meagre month” in October, with non-food retailers having the worst sales for at least six years.

The pound was down 0.2% versus the dollar at 1.3149 and up 0.12% against the euro at 1.1359.

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