What’s Going On Here?Data out over the weekend suggests the UK housing market is finally starting to slow down. What Does This Mean?UK house prices hit an all-time high last month, which didn’t come as much of a surprise: demand was around 60% higher than the five-year average, while supply was around 40% lower. But there are a few signs that the market is finally easing up. First, house prices climbed 8.4% in April from the same time in 2021 – substantial, sure, but down on March’s 9%. Second, 5% of sellers slashed their asking prices by the most in 18 months. And third, the average time taken between listing a property and agreeing on its sale started to rise. So with demand slipping as the cost of living rises, UK real estate company Zoopla thinks house prices will be just 3% higher by the end of the year than they were at the end of 2021. Why Should I Care?For you personally: Get comfortable.
This is promising if you’re a Brit thinking about buying, but there’s a caveat here: data out last month showed that average monthly mortgage payment is now higher than the average rental payment, probably offsetting any benefit you’d get from the slowdown. And things are even tougher if you’re trying to get onto the property ladder, with first-time-buyers now in need of a 34% deposit on average – up from 25% a decade ago. Throw in the rising cost of just about everything, and you might want to get used to living with your parents…
Zooming out: Feed the rich.
Thank goodness the neediest people in the country are able to scrimp and save to afford their third homes: executives at FTSE 100 companies earned a near-record average of £3.6 million ($4.5 million) last year, according to data out on Monday. That means they made 81 times as much as their average employee, compared to 59 times in 2020 (tweet this). | 
