According to the city's press release, the wage increase is happening because of the City's Earned Sick Leave and Minimum Wage Ordinance, which was approved in 2016.
from july last year, with the average cost of a home in the uk nowjust over £260,000. earlier we spoke to our correspondent, colletta smith and we began by asking her what s driving this trend? what we re seeing is the biggest house price fall since the financial crash in 2009. but the ingredients, the causes of this fall are very different. it s really being fuelling by those huge increases in mortgage rates that we ve seen over recent months. so today, if you were to get a two year fixed rate mortgage deal, the average price is that you d be paying 6.85% and interest. that s a massive jump compared to this point last year. that means more people are failing those mortgage affordability checks when they re trying to get hold of a mortgage, and othersjust opting for cheaper properties, putting in for lower offers, and that s having a real world impact now. we re seeing that on house prices. nationwide saying today that, actually, since that peak
according to the nationwide building society, prices dropped by 3.8% injuly the fastest annual pace in m years, and the biggest decline sincejuly 2009. nationwide also said mortgage costs hit the highest level for 15 years last month, as lenders grappled with inflation and uncertainty over rates set by the bank of england. a typical two year fixed mortgage rate is now 6.85%. the average price of a home in the uk is £260,828. that is down from a peak in august last year. affordability is a challenge for some buyers but should be welcomed by many first time buyers who had previously struggled to get into the market. let s cross live now to andy russell, who s the ceo of wealthify, a uk based consumer
from july last year, with the average cost of a home in the uk nowjust over £260,000. let s go live now to our correspondent, colletta smith. colletta, what s driving this trend? well, it s interesting, what we are seeing is the biggest house price fall since the financial crash in 2009. at the ingredients, the causes of the fall are very different. it s really being fuelled by the huge increases in mortgage rates that we have seen over recent months. today, if you are to get a two year, fixed rate mortgage deal, the average price you would be paying is 6.85% in interest, a massivejump compared to this point last year. that means more people are failing of the mortgage affordability checks were now trying to get hold of a mortgage and others are opting for cheaper properties, putting on low offers. that is having a real world impact on house prices. nationwide
the people want to leave, they said. confirmation from the french foreign minister that the evacuation in niger is now under way. we will return to that story in the next few minutes. now we have the business news. rising interest rates and costly inflation is hitting house prices in the uk. according to the nationwide building society, prices dropped by 3.8% injuly the fastest annual pace in m years, and the biggest decline sincejuly 2009. nationwide also said mortgage costs hit the highest level for 15 years last month, as lenders grappled with inflation and uncertainty over rates set by the bank of england. a typical two year fixed rate mortgage is now 6.85%. the average price