Overview
House prices in the UK have fallen in March for the first time in six months, as reported by Halifax. The average cost of a home now stands at £288,430, marking a one per cent decrease from the previous month.
Current Market Situation
Despite this decline, house prices are still 0.3 per cent higher than they were a year ago. The adjustment comes as mortgage rates have started to rise again, with banks and building societies adjusting to more conservative expectations of interest rate cuts.
Expert Insights
Kim Kinnaird, director of Halifax Mortgages, noted that markets are less optimistic about base rate cuts, leading to a stall in the decline of mortgage rates that was driving market activity earlier in the year. Jonathan Hopper, from Garrington Property Finders, highlighted that an influx of homes on the market, coupled with fewer new buyers registering with estate agents, is also contributing to the price slowdown.
Work from Home Impact
Research from the University of Warsaw suggests that employees working entirely from home are 11 per cent less likely to be promoted compared to those working in the office. Similarly, individuals working two or three days in the office are seven per cent less likely to progress in their careers.
Business Updates
The Body Shop, facing a restructuring plan, may be rescued and returned to private equity ownership after collapsing post-Aurelius acquisition. Administrators have proposed a plan to creditors to reduce rents and keep 115 stores operational. On the other hand, Topps Tiles' profits are expected to decrease due to subdued demand for home renovations, as warned by CEO Robert Parker.
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