UK house price growth slowest since April 2024; Ineos claims UK ‘sleepwalking into deindustrialisation’ as it cuts jobs – business live

Rolling coverage of the latest economic and financial newsSir Jim Ratcliffe’s chemical company, Ineos, is cutting a fifth of jobs at its Hull chemical plant, blaming net zero rules, high energy costs and competition from overseas.Ineos blamed anti-competitive trade practices for its decision to cut 60 skilled jobs. It warns the cuts are part of a structural crisis in the industry, and that the UK and Europe are “sleepwalking into deindustrialisation”.“This is a very difficult time for everyone at the Hull facility. We have a leading-edge, efficient and well-invested site and the team here is highly skilled, professional, and dedicated.Making the decision to cut 60 roles was not taken lightly. We have explored every possible alternative but in the face of sustained pressure from energy costs, combined with unfairly low-cost imports into the UK and Europe, we’ve been left with no other choice.Overall, house prices have held up better than expected in the face of higher interest rates, economic turbulence and shifting stamp duty rules, but signs of strain may be emerging.“Mortgage rates, though below last year’s peak, look set to settle around 4% for the foreseeable future - well above the norm of the last 15 years. Rising property prices are also offsetting the gains from cheaper borrowing, keeping affordability stretched. And with November’s Budget approaching, the threat of new property taxes could dampen demand, even if tighter fiscal policy leads to earlier BoE rate cuts.“Sellers are getting the message that house prices are under pressure due to higher levels of supply and a creeping mood of caution as November’s Budget approaches. Stable mortgage rates have supported demand but we believe prices will continue to dip modestly before ending the year broadly flat.”While price declines may raise concerns among homeowners and sellers, they also present opportunities, particularly for first-time buyers who have struggled with stretched affordability in recent years.“A cooling in prices is not unexpected given the current economic backdrop and should be viewed in the context of the significant gains seen over the past few years. Continue reading...

Comments

Business News

What The Outcome Of Trump’s Meeting With Zelensky Means For Putin

Forbes

I hate cardio and networking, but was surprised to enjoy a fitness meet-up for VCs and founders. I learned 3 helpful lessons.

about 4 hours ago

insider

I was laid off by LinkedIn, so I spent 3 months writing a 112k-word novel. I don't regret it, but now I'm struggling to find work.

about 4 hours ago

I co-own Ballerina Farm. I start my day praying with my 8 kids and end it with a tallow skincare routine.

insider

Comments

Similar News

UK small businesses and charities say nuclear levy could add thousands to bills

UK ministers take control of £10bn Lower Thames Crossing

I went to charity shops in UK's poshest village — there was 1 big problem

'I tried one of UK's most expensive fish and chips and was baffled by one thing'

Thousands of UK households could get council tax discount and save hundreds

I’d like to be involved in UK-US trade talks, says Swinney

I’d like to be involved in UK-US trade talks, says Swinney

Fabletics limbers up for UK store openings

Sad fans reminisce after beloved dessert shop closes its doors after four short years in UK

UK consumers curb spending more than anywhere else in G7

Tony Blair and Nick Clegg hosted dinner giving tech bosses access to UK minister

'I compared weekly shop at UK supermarkets and was surprised one was cheaper than Aldi'

Rachel Reeves looks for extra headroom in budget to insulate UK economy against bond market

Will UK taxpayers get their £122m back from PPE Medpro?

What price loyalty? UK supermarket cards rated

Chinese firm to build UK’s largest wind turbine factory in Scotland

Chinese firm to build UK’s largest wind turbine factory in Scotland

UK stocks spooked by new Trump threat of fresh tariffs on China

UK stocks spooked by new Trump threat of fresh tariffs on China

Chinese firm confirms plans to build UK’s largest wind turbine facility

Business News

What The Outcome Of Trump’s Meeting With Zelensky Means For Putin

Taylor Swift Passes Ariana Grande With Her New Chart-Topping Smash

$15 Billion Bitcoin Seizure Exposes Challenges For US Crypto Reserve Strategy

From Stay-At-Home Mom To Comedy Star, How Zarna Garg Turns Punchlines Into Profits

Hit Netflix Show Returns With Peak Worldwide Interest

Saturday, October 18. Russia’s War On Ukraine: News And Information From Ukraine

The Marvel Show Which Cost Just $30 Million To Make

Rasmus Hojlund’s Napoli Revival Is A Cautionary Tale For Man United

‘I’ve resisted buying a pricey heated airer by doing this clever free trick instead’

Every Nationwide branch that's staying open until at least 2028

Martin Lewis's superb radiator hack costs less than £10 but could save tonnes on heating bills

'I was love-bombed by a Somalia doctor on Facebook - then forced into sick blood oath'

YouTube steps up its shopping game with help from influencers

11 of Taylor Swift's best lyrical burns

I got married for the first time at 76 after finding my true love. It's never too late.

The weather is finally chilly. Here's how to refresh your home for ultimate coziness.

The defense prime contractors have a new problem on their hands

Wall Street's rising stars share how they set boundaries and avoid burnout &mdash; even in one of the toughest industries

I couldn't afford my rent and student loans, so I moved in with my mom. It took me 3 years to get back on my feet.

There's one key thing companies must do when they bring AI into the workplace, BCG's AI ethics officer says

The Risk That Built America

‘Kantara’ Hindi Resurfaces On Netflix Global Top 10

Yes, Take Trump’s Threats To Move World Cup Games Seriously

‘The Long Walk’ Is New On Streaming This Week

Victoria Beckham fans say fine lines 'disappear' with 'brilliant' concealer pen

Alison Hammond wows in £38 leopard print dress from Strictly star’s fashion range

The real danger of AI in education isn't cheating &mdash; it's dependency on Big Tech algorithms, a business professor warns

Running a startup taught me more than any MBA &mdash; and parenting made me a better executive

The UPS chaos shows tariffs have finally arrived on our doorsteps

I hate cardio and networking, but was surprised to enjoy a fitness meet-up for VCs and founders. I learned 3 helpful lessons.

I was laid off by LinkedIn, so I spent 3 months writing a 112k-word novel. I don't regret it, but now I'm struggling to find work.

I co-own Ballerina Farm. I start my day praying with my 8 kids and end it with a tallow skincare routine.

A Silicon Valley engineer cracked the code to find signs of colon cancer in your blood

I'm a Stanford professor and AI startup cofounder. Here's how to get a job at an AI company.

He tried to bring flying taxis to Uber. Now, he's at Joby to finish the job.

I moved from NYC to Colombia earlier this year. The change has helped my burnout and saved me money.

'Cockroach' jabs and regional bank breakdowns: The week private credit's 'golden' narrative got a little less shiny

3 luxury handbags that add capital to your closet, according to resale data

AGI And AI Superintelligence Could Spawn A New Kind Of Alien Intelligence

Heathrow puts Jansen on runway as next chairman

'I unboxed Next's beauty advent calendar which contains £385 worth of products'

DWP reveals date it will start looking at bank accounts and who will be affected

Michelle Keegan’s must-have tan leather jacket is still in stock at this high street store

Shark's at-home facial device delivers spa-ready skin in 10 minutes

Molly-Mae’s make-up artist shares ‘perfect base for make-up’ that's always in her kit

Best jewellery advent calendars for 2025, as chosen by a shopping expert

Exact two penny coin worth £1,000 but it must feature rare little-known detail

More than 40 'mass cycle rides' take place across Britain next week in campaign for better safety for women

New student-loan forgiveness under Trump is coming. Here's what borrowers should know.

Ukraine's cheap interceptor drones are rewriting the rules of war

Voices: ‘Discarded like a used tissue’: Readers on how ageism is forcing over-50s out of work

Dunelm's high thread count duvet gives 'just checked into a luxury hotel feeling'

Amazon beats Nespresso's coffee machine price and dishes out 50 free pods in rival deal

Molly-Mae fans can watch 'Behind It All' season 2 for free by doing one thing

Octopus Energy offers 'free electricity' and more - but it's only available to some

How to profit from the investment trusts that REALLY do think long-term: INVESTING ANALYST

Rachel Reeves WILL raise taxes on the wealthy in the Budget: Here's how to protect yourself

Wall Street's rising stars share how they set boundaries and avoid burnout — even in one of the toughest industries

The real danger of AI in education isn't cheating — it's dependency on Big Tech algorithms, a business professor warns

Running a startup taught me more than any MBA — and parenting made me a better executive