Mon. Jun 27th, 2022

Good morning.

After a remarkable few years of growth, it looks like the UK house market may finally be poised for a slowdown.

The latest figures from Halifax show house prices rose just 0.3pc in January – that’s the slowest rate of monthly growth since June 2021.

On an annual basis the rate of growth is steady at 9.7pc, with prices at another record high of £276,759. But the cost-of-living crisis and higher interest rates mean the market is likely to run out of steam in 2022.

5 things to start your day 

1) Homes risk energy rating downgrade if they install a heat pump: Energy scores for homes are to be overhauled by the government, amid fears that under the current system installing a heat pump could cut the value of properties. 

2) Britain eclipses European rivals with fintech investment spree: Investment in financial technology firms hit a new high in Britain last year as the number of deals struck surpassed the combined total of those in France, Germany and China.

3) Britain’s debt pile to cost Rishi Sunak an extra £34bn: Rise in prices and rates mean interest payments could balloon

4) Richard Caring pulls out of battle for the Wolseley: Restaurateur’s decision a boost for rival Jeremy King’s preferred £38m takeover bid

5) ‘Abacha’s loot’: the global hunt for a Nigerian general’s stolen billions: West African nation sues the UK’s National Crime Agency, as the tale takes another twist

What happened overnight 

Asian share markets mostly eased on Monday after stunningly strong US jobs data soothed concerns about the global economy but also added to the risk of an aggressive tightening by the Federal Reserve.

The cautious mood saw MSCI’s broadest index of Asia-Pacific shares outside Japan dip 0.3pc. Japan’s Nikkei fell 0.8pc and South Korea 0.4pc.

China returned from the Lunar New Year break with jumps in equities and commodities, with the blue-chip CSI300 and Shanghai Composite both up 1.6pc and 2pc respectively and metals and iron ore rallying in Shanghai.

Hong Kong’s Hang Seng, which returned from the break on Friday, fell 0.4pc.

Coming up today

  • Corporate: No scheduled updates
  • Economics: Halifax house price index (UK)

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