UK House Prices Set to Slide Again Despite Slower Drop
The UK housing market is far from out of the woods. Halifax, the nation’s biggest mortgage lender, warns that house prices will keep falling into next year. Although September saw prices drop by 4.7% year-on-year, the slump is easing up. Homeowners are finally adjusting to soaring mortgage costs. This shift is turning the tables in favour of buyers.
Kim Kinnaird, Director of Halifax Mortgages, says higher interest rates aren’t going anywhere soon. She warns this will keep the pressure on property prices, pushing them down further in 2024.
US Jobs Boom Could Trigger New Interest Rate Hikes
Across the pond, the US job market threw a curveball. Employers added a whopping 336,000 jobs in September—nearly double what experts expected. The unemployment rate stayed steady at 3.8%, but this strong job growth has sparked calls for more interest rate rises.
Despite the hiring spree, wage growth stayed modest. Average hourly earnings nudged up just 4.2% over the past year. The US Federal Reserve is weighing up whether tighter policy is needed to keep inflation in check.
Scampi Prices May Soar as UK’s Top Suppliers Join Forces
Brits could be paying more for their beloved scampi soon. The Competition and Markets Authority (CMA) has flagged concerns after Whitby Seafoods and Kilhorne Bay Seafoods—the two biggest scampi suppliers—decided to merge.
Whitby Seafoods already controls around 90% of the market and its takeover of Kilhorne Bay threatens to create a monopoly. The CMA warns this could push prices up, hurting pubs and cafes struggling with rising costs.
“We must protect competition to ease cost pressures on consumers,” said Colin Raftery, CMA’s senior mergers director. The watchdog has threatened to launch a full probe unless the companies address these concerns.
