HOUSING MARKET PAST “PEAK PAIN” ACCORDING TO SAVILLS

The housing market is past its “peak pain” with prices expected to fall three per cent in 2024 before beginning to rise, according to Savills (The Times).  

Savills said that demand from homebuyers would gradually return as mortgage interest rates fall, predicting home price rises every year between 2025 and 2028. Prices held up slightly better than expected this year, with property values estimated to be down a total of seven per cent since autumn 2022 to the end of 2023 (The Guardian). 

GOVERNMENT TO UNVEIL REGULATORY REGIME FOR ESG RATINGS

The government is set to press ahead with plans to regulate agencies that evaluate the environmental, social and governance performance of companies (Financial Times). Formal proposals are expected to be unveiled as early as January next year.  

Separately, the Financial Times’ editorial board writes that Rishi Sunak is harming the UK’s climate reputation following the King’s Speech yesterday.

NEWS IN BRIEF

The Financial Conduct Authority has said that it is working with payment service providers to do more to protect consumers from fraud, following its review of firms’ fraud controls and complaints handling (City AM). 

The government set out its legislative agenda yesterday in the King’s Speech (Sky News). The announcements focused on three priorities: growing the economy, strengthening society, and keeping people safe. 

The Daily Mail warns customers about rental scams on social media websites amid huge competition for tenants to secure homes.  

The number of job seekers is rising as companies turn to redundancies to shrink their workforces, according to the Recruitment and Employment Federation (The Telegraph).