One of the UK's largest mortgage lenders, Halifax, has forecasted a decline in property prices of between two and four per cent next year. Despite high interest rates, the average house price remains at £283,615, just one per cent lower than in 2022. The predicted drop is attributed to the end of post-Covid trends, which saw a surge in demand for larger homes outside of cities. Kim Kinnaird, director of Halifax mortgages, cites higher interest rates and affordability concerns as factors contributing to the downward pressure on house prices.
House Prices Still Higher Than Pre-Pandemic Levels
Although property prices are projected to decrease, they will still be significantly higher than pre-pandemic levels. As lockdowns lifted, demand for homes with more space and gardens increased, resulting in a boom in house prices. However, the rise in interest rates has made mortgages more expensive, making it more challenging for buyers to secure affordable home loans. Halifax reports that mortgage approvals have fallen by a quarter this year, reaching the lowest level in a decade.
Good Week for Epic Games CEO, Bad Week for Former BP CEO
Tim Sweeney, the CEO of Fortnite maker Epic Games, emerged victorious in a legal battle against Google, marking a positive week for the gaming company. On the other hand, Bernard Looney, the former CEO of BP, forfeited £32 million after being found guilty of serious misconduct by the board.
H&M Sales Decline as Unseasonably Warm Weather Impacts Demand
H&M, the fashion retailer, has experienced a four per cent slump in sales due to a slowdown in consumer spending. The company attributed this decline to unseasonably warm weather, which affected demand for its autumn and winter ranges. In contrast, its competitor Zara reported an increase in sales during the same period.
Largest Investor in Pearson Urges Shift to New York Listing
Cevian Capital, the biggest investor in Pearson, has called for the education firm to relocate its listing to New York. The investment firm believes that a US listing would enhance the value of the company. This proposal poses another setback for the London Stock Exchange, which has already witnessed several firms shifting their operations to the US.
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