![]() Mr Whelan added that he's not worried about losing public support if strikes continue, citing the support he has received from members of the public at Euston station in London this morning. "We don't want to hurt the travelling public, but after four years and virtually, for some of my members, half a decade without a pay rise, we've got no choice," he said. General secretary Mick Whelan told Sky News the disruption was "unfortunate" but necessary. ![]() Rail passengers have faced fresh travel chaos today as members of the Aslef train drivers' union walk out in their long-running dispute over pay. While prices have been falling, the volume of completions has stalled too, reflecting perhaps that many potential movers are waiting to see where rates will peak before they take the plunge.įor those looking to sell or buy from an existing home, the impact will be largely theoretical, with the cost of remortgaging and the swingeing impact of stamp duty far more consequential in decision making.Ī drop of more than 5% will be most welcome to first-time buyers, but the benefit will likely be wiped out by the increased cost of the mortgage required to get on the ladder in the first place.įor millions, prices cannot fall far enough to make that first step realistic, the hike in borrowing costs compounding an affordability crisis that has seen the average house price balloon to eight times the average wage in two decades. The UK housing market has long lost touch with reality - but the recent modest fall in prices, confirmed by the Nationwide house price index figures for August, does follow the logic of economic trends.Īfter 14 consecutive Bank of England increases pushed the base rate to 5.25% and many mortgages beyond 6%, it would have been a surprise had the housing market not been affected.
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