HOUSING MARKET STARTS TO COOL

The average price of a house in the UK exceeded £250,000 for the first time last month, however the rate of growth is falling, according to Zoopla’s latest house price index (The Times). It found that more than one in 20 homes for sale had to drop their asking price last month by an average of nine per cent – the highest level of discounting in 18 months (Financial Times). The time between UK properties being listed for sale and a sale agreed has increased, with a three-bedroom house taking 16 days in March and 18 days in April (The Guardian).

THREE-QUARTERS OF SMES CONCERNED OVER THE RISING COST OF LIVING

Three-quarters of small and medium-sized (SMEs) companies are concerned about the long-term impact of the rising cost of living, according to a quarterly survey of business sentiment conducted by Barclays (The Guardian). In its survey of 574 firms, it also found that just over half (51 per cent) said they were worried that rising prices would impact consumer spending. Additionally, it suggested that the Queen’s platinum jubilee will give SMEs a revenue boost, with three in five small business owners expecting to see higher revenues this year than last year (City AM). 

NEWS IN BRIEF

Graduates from the top non-UK universities will be able to apply to come to the UK under a new visa scheme which opens today (BBC News).

Ministers have been warned that six million homes could face winter power cuts due to energy shortages, according to The Times (Sky News).

The deadline for reserving homes under the Help to Buy scheme has been brought forward by two months to the end of October, according to Homes England (Financial Times).

The Times reports that the business secretary Kwasi Kwarteng will this week release a response to a consultation on overhauling audit and corporate governance (The Times).