Property, Prices, Industry, and Stock Market All On the Rise
As spring arrives, there are four reasons for Brits to be cheerful as the economic outlook in the UK appears to be brightening. Housing, prices, industry, and the stock market are all showing positive trends.
Property Market Sees Surge in Approved Mortgages
The number of approved mortgages in February hit the highest level since the market turmoil of 2022, with 60,400 mortgages granted compared to 56,100 in January. Interest rates on these loans have also dropped below 5%, attributed to a price war among lenders.
Shop Price Inflation Drops, Boosting Economy
Shop price inflation fell from 2.5% in February to 1.3% in March, the lowest since 2021. Food costs are decreasing, leading supermarkets to slow price rises and high street stores to offer discounts, benefiting cash-strapped shoppers.
Manufacturing Sector Shows Growth
The UK manufacturing sector has returned to growth for the first time since 2022, as confidence among firms to place orders, invest, and hire increases. The S&P purchasing managers’ index reached a 20-month high of 50.3 in March, up from 47.5 in February.
FTSE 100 Hits Milestone Amid Global Sell-Off
London’s FTSE 100 briefly crossed the 8,000-point mark, signaling positive momentum. While the index closed lower due to a global sell-off, analysts believe it is well-positioned to surpass its previous all-time high.
Ads Featuring Dominic West Banned for Misleading Claims
Nationwide's ads featuring Dominic West have been banned after the lender closed branches despite promising to keep them open until 2026. The Advertising Standards Authority found the ads to be misleading as 20 branches were shut in the past year.
Revolution Bars Faces Challenges Amid Trading Suspension
Revolution Bars' shares were suspended from trading after failing to publish annual results and considering closing a quarter of its sites. The hospitality sector struggles with increased costs, and Revolution is seeking investors to improve its financial situation.
ALDI and Waitrose Cut Prices to Benefit Customers
ALDI has invested over £125 million in lowering prices on a quarter of its ranges this year, aiming to surpass last year's investment in price cuts. Waitrose also announced price cuts on 200 products, including essentials, to provide relief to customers.
