UK house price growth slows but figures still high

LAURA MCGUIRE

HOUSE prices in the UK rose 4.1 per cent in the 12 months to March, adding £11,000 to the average value of a property, according to new data.

However, the figures are down from February’s 5.8 per cent hike and £8,000 below the recent housing peak in November 2022, data out yesterday from the Office for National Statistics (ONS) shows.

Across England, the South West saw the highest annual percentage change of all English regions in the 12 months to March 2023, up 5.4 per cent, while London saw the lowest, up just 1.5 per cent.

The average UK house price was £285,000 in March 2023. However, figures from Rightmove show that in the capital the price tag is much higher, usually ranging between £600,000 to 700,000.

The results come amid a confusing time for prospective house buyers. While inflation fell sharply to 8.7 per cent yesterday and mortgage rate approvals are increasing, it’s still uncer-

Lidl Hikes Staff Pay For Third Time In A Year

Supermarket chain Lidl has announced its third pay increase in a year, affecting all of its 24,500 hourly-paid workers. Store and warehouse staff working outside the M25 will see hourly pay increase to £11.40 from £11.00, rising to £12.30 with length of service. Hourly pay for those inside the M25 will increase to £12.85 from £11.95, rising to £13.15. Lidl said the move represented an overall investment of £8m and a total investment of over £60m into staff pay in the past year. Chief executive Ryan McDonnell said: “These new rates of pay will ensure that Lidl maintains its position as the UK’s highest-paying supermarket. Lidl also recently announced it was looking to recruit more than 1,500 warehouse workers.

tain if these improvements are filtering down to the general market just yet.

This is especially true for first-time buyers, who continue to struggle to secure deposits for mortgages on homes.

Despite this, experts say that yesterday’s forecast from the ONS reflects a solid but “not spectacular” year for the UK’s housing market, following on from the peak pandemic sales boom and subsequent mini budget crash.

“The impact of a recov-

Annual house price growth dropped to 4.1 per cent in March ering economy, strong jobs market and record levels of housing equity are kept in check by mortgage rates that are notably higher than eight months ago,” Tom Bill, head of UK residential research at Knight Frank, said.

“If stubbornly high inflation keeps interest rates higher for longer, it will increase downwards pressure on prices, which we expect to fall by a few per cent this year,” he added.

NETFLIX, NO CHILL: PASSWORD CRACKDOWN BEGINS

Netflix has begun its crackdown on UK and US subscribers who are sharing their password with people who live outside of their household, in a bid to stop account sharing. The streaming giant said a Netflix account was “for use by one household” and those wanting to share accounts “with someone who doesn’t live with you” must pay an extra £4.99 for the extra member in the UK, or $8 a month in the US. It comes after the company, which has lost subscribers amid stiffer competition and rising inflation, began clamping down on account sharing last year in South America, before rolling out the crackdown more widely. Netflix said it has begun sending emails to customers in the UK about sharing between households.

completion of a new headquarters for law firm Clifford Chance at Aldermanbury Square.

As shoppers returned to the high street, GPE also secured £10.2m of rent via 35 new retail leases including units at 70/88 Oxford Street, W1.

As the capital fully reopened postpandemic, the group noted that vacancy was also down to 2.5 per cent this March, compared to 10.8 per cent in March 2022.

“Whilst macro-economic challenges are likely to persist, we do not expect the recovery to be uniform,” Toby Courtauld, chief executive, said.

The news comes amid calls for workers to return to the office, with the think tank Centre for Cities this week calling on mayor of London Sadiq Khan to reduce cost barriers for commuters.