FTSE in the red amid property slowdown fears

London’s top-flight index was dragged into the red after shares in Barratt Developments took a tumble amid warnings over a slowdown in the London property market (see below).

The FTSE 100 Index closed down 43.02 points to 6,749.72, with shares in the housebuilder dropping nearly 3% after saying it would review prices in London after softer sales across the capital.

Barratt Developments was off 13.4p to 469.5p, stating that while the wider UK property sector was “healthy” in spite of Brexit uncertainty, the market for high-end homes in London was “challenging”.

On the currency markets, the pound was marginally higher against the US dollar at 1.245 and 0.2% up versus the euro at 1.163.

Sterling steadied after figures from the Office for National Statistics (ONS) showed that the UK’s remarkable run of falling unemployment had continued.

The ONS said unemployment had dropped to an 11-year low despite figures showing that the claimant count had risen for the third month on the bounce.

The number of people claiming Jobseeker’s Allowance jumped by a higher-thanexpected 9,800 in September to 803,300.

The employment rate of 74.5% is the highest since records began in 1971.

ONS statistician David Freeman said there were “signs that the labour market might be cooling, with employment growth slowing.”

The price of oil sunk 0.5% to 46.72 US dollars a barrel following a bigger-thanexpected US crude storage build.