UK Housing Market Slumps On Despite Slowed Price Drops
UK house prices continue to fall, but the pace of decline is easing. Halifax, the country’s biggest mortgage lender, reveals property prices were down 4.7% in September year-on-year. Yet, sellers are finally adjusting to high interest and mortgage rates, making it a buyers’ market.
Halifax Mortgages director Kim Kinnaird warns: “Prolonged higher interest rates will likely keep house prices under pressure next year.” Homeowners are bracing for more drops as the squeeze tightens.
US Job Boom Sparks Alarm Over Interest Rate Hikes
Across the pond, the US job market surprised economists by adding a massive 336,000 jobs in September—nearly double predictions. Unemployment steadied at 3.8%, but this job surge fuels talk of further hikes in interest rates.
Wages grew moderately, with average hourly earnings up 4.2% over 12 months. The US central bank remains on alert, weighing how to tame inflation without choking growth.
Scampi Prices Could Soar After Big Supplier Merger
Fish fans brace yourselves. The UK’s two biggest scampi suppliers, Whitby Seafoods and Kilhorne Bay Seafoods, are merging, controlling nearly the entire market.
The Competition and Markets Authority (CMA) is sounding the alarm. With Whitby Seafoods owning about 90% of the market, the takeover risks creating a monopoly and driving up prices for pubs and cafes struggling with costs.
“We must keep competition alive to relieve cost pressures,” warns Colin Raftery, senior director of mergers at the CMA.
The CMA threatens a full inquiry unless the firms tackle these concerns pronto.
