Morning Brief – UK House Prices

Humphrey Percy
Chairman and Founder
Fri 2 Jun 2023

UK House Prices

Unsurprisingly given the 12 interest rate rises and cost of living squeeze in the UK, the housing market has seen its largest year on year fall since 2009 when everyone was suffering from the global financial crisis. In the year to April the UK housing market has dropped by 3.4% with the average property cost at just over GBP261K.

GBP/EUR 1.1640.

Jeff Bezos

Paying USD 4,000 for a bottle of Domaine Dugat-Py Chambertin Grand Cru at La Petite Maison Restaurant in Cannes, France has brought out the teenage scribblers and jealous NYC wine merchants who are all claiming that the world’s richest man was ripped off. Good years for this particular wine command a price of EUR 2,300 or USD 2,500. A mark up of 60% at a restaurant is a bargain and demonstrates that one of the world’s richest men is no mug when it comes to knowing about wine.

EUR/USD 1.0765.

BHP: World’s Largest Mining Company

Red faces in Aitch Arr no doubt at Melbourne Australia headquartered BHP on the news that miscalculations on both holiday entitlements and holiday allowances for the staff roster of 80,000 globally add up to a one off cost of USD 280 million or GBP 225 million. Difficult to bury that one(sic) since the errors have been found to go back 10 years and affect both current and former employees.

USD/AUD 1.5130.

UK Petrol

Thanks to the CMA or the Competition and Markets Authority, forecourt petrol prices have been cut by 7p by those supermarket bosses who did not fancy having to explain to the CMA just how they could justify the self-evident price gouging that they have been enjoying. Average price now GBP1.43 per litre. Further good news for the squeezed motorist is that the CMA reckon there is a further 6p of cuts that should be made. A total of a 9% cut which will help with the UK cost of living crisis.

GBP/USD 1.2525.

Canada Cigarettes

From August 1 each and every cigarette sold in Canada will carry on the filter paper a warning such as “Poison in every puff”. Canada is the first country to do this and it is part of a plan to reduce smoking to less than 5% of the population by 2035. In case you are wondering, the current smoker ratio is 10% in over 15 year olds and for vaping 17%.

USD/CAD 1.3435.

Hot Stuff

It was this day in 1979 that Donna Summer sizzled her way to the sixth of her thirteen US Top Ten hits. Phew. No-one can remember but June 2 1979 just had to have been warmer than it has been this past week. Brrrrrr.

Sittin’ here eatin’ my heart out waitin’
Waitin’ for some lover to call
Dialed about a thousand numbers lately
Almost rang the phone off the wall

Lookin’ for some hot stuff, baby, this evenin’
I need some hot stuff, baby, tonight
I want some hot stuff, baby, this evenin’
Gotta have some hot stuff
Gotta have some love tonight

Hot stuff
Baby, baby
Baby, baby (tonight)
I need hot stuff
Baby, baby
Baby, baby (tonight)
I want some hot stuff

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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