UK Housing Market Faces Continued Decline, Despite Slowed Rate of Reduction

The Halifax, the UK’s largest mortgage lender, has forecasted a persisting fall in house prices into the next year. Although property prices were 4.7% lower in September compared to the previous year, the rate of reduction has decelerated. Homeowners are adjusting their expectations in light of high interest and mortgage rates, turning it into a buyer’s market. Director of Halifax Mortgages, Kim Kinnaird, notes that prolonged higher interest rates will likely exert downward pressure on house prices in the coming year.

Surprising Surge in US Job Numbers Sparks Speculation of Further Interest Rate Hikes

In an unexpected turn, the US job market experienced substantial growth, with employers adding 336,000 jobs in September—almost double the estimated 170,000. The unemployment rate remains at 3.8%, but the robust job growth has fuelled expectations of potential interest rate increases. Despite the surge in employment, monthly wage growth in September remained moderate, with average hourly earnings rising 4.2% in the past 12 months. The US central bank is carefully assessing its stance on inflation as it weighs the necessity of adjusting key interest rates.

Scampi Prices Face Potential Spike as UK’s Top Suppliers Merge

An investigation by the Competition and Markets Authority (CMA) reveals concerns over a potential spike in scampi prices due to the merger of Whitby Seafood and Kilhorne Bay Seafoods, the UK’s two largest scampi suppliers. Whitby Seafoods, holding a market share of about 90%, is set to acquire Kilhorne Bay Seafoods, raising worries about a monopoly in the market. The CMA warns of consumer losses and threatens to refer the deal for an in-depth investigation unless the concerns are addressed. Colin Raftery, senior director of mergers at the CMA, emphasises the importance of preserving competition to alleviate cost pressures faced by pubs, restaurants, and cafes.