According to the british retail consortium, Food Inflation fell last month to 13. 4 thanks to the lower cost of staple goods like oils, breakfast cereals, fats and fish. Heres our Business Correspondent emma simpson. It may not feel like it but the worst of food price rises could now be over. Grocery bills, though, are still way too high for many shoppers. Like, before you can just walk in with £10 and get a lot of things but now even £10 cant even buy what you actually want to buy. I mean, at the moment im ok but i guess im very lucky. But if it increased any more, just like Mortgage Rates as well, just like, yeah, the whole things going up, isnt it . Instead of Buying Luxuries now i buy the basics. Todays Food Price Figures come from the trade body for retail which also monitors the change in shop prices. Lets take a look at this chart which tells the story. Now, you can see how food prices jumped from last year. They were going up before the war in ukraine, but then they really st
mortgage guarantee scheme was to mortgages. talk through that. i“i9 mortgage guarantee scheme was to end next summer and it offers commercial lenders the option to take out insurance to cover buyers who default on mortgages that have a very high loan to faro ratio, iea low deposit. that is supposed to make it easier for brokers to offer mortgages to first time buyers who potentially might only have a 5% deposit. that could help first time buyers, because it makes it easier to raise that deposit, but it is important to remember that those buyers are still going to have two pass the mortgage affordability checks and still have to have a sufficiently large income to take out what would be a much bigger mortgage. the people most likely to benefit from this would be buyers in their 30s from better off backgrounds and buying outside of london and the south east. let backgrounds and buying outside of london and the south-east. let me also ask you london and the south-east. let me also ask
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
failing those mortgage affordability checks and people are just offering less for properties at the moment, just to be able to afford to buy them. that is why house prices are falling. because those rates and prices have been changing so much recently, it s caused more people to hesitate. nationwide say injune, there was a 15% drop in the number of properties that were sold. more people waiting to see if prices fall further or indeed recalculating what exactly they can afford. nationwide say they expect theirs housing slowdown to continue until the bank of england stop raising interest rates but we are expecting another interest rate rise this week, so it is likely that house prices will continue to fall over the coming months. two teenage girls have died after a car crash near the irish border. three others are in hospital, two of them in a critical condition. the accident happened