Property prices in England and Wales have hit a record high, says the Guardian. Prices are 5.5pc higher than they were in June 2015, reports a study by rightmove.com. The average house now costs £310,471. Deals are also going through with unprecedented alacrity: it now takes 57 days to sell a property, compared to 65 this time last year. The capital bucks the trend, for once, with expensive boroughs actually seeing property price plummeting. Richmond on Thames has seen a 10.2pc drop in average price month-on-month, while sellers in Kensington and Chelsea are 9.4pc worse off.
Unemployment in the UK is at its lowest rate since October 2005, says the BBC. The Office for National Statistics said that unemployment in February to April had fallen to 1.67 million. Employment currently stands at a record high of 74.2pc. Earnings also rose by 2.3pc compared to last year, partly due to the introduction of the National Living Wage of £7.20 per hour.
As polls over the weekend hinted at a ‘Remain’ vote in next week’s referendum, the pound strengthened against the yen by 1.4pc after a record low last Thursday. Meanwhile the euro fell 0.8pc to 77.94 pence. It marks an end to the ‘perceived safe-haven’ of the yen, according to the Telegraph. Ray Attrill, the global co-head of FX strategy at National Australia Bank, said ‘The poll findings will resonate today, likely seeing further advances for sterling, some renewed weakening in the yen and a firmer Australian dollar.’
The Times profiles businessman Trevor Hemmings this morning. His businesses – which include Pontin’s, Arena Leisure and Sportech – turn over £400 million a year. And the 81-year-old tycoon has no plans to retire. ‘I’m still chairman and I’m not really winding down at all,’ he told the paper. ‘I like to get up in the morning and do something.’ At one point he owned Blackpool Tower, as well as two of its piers and its Winter Gardens, before the government shut down plans for super casinos in the town. Mr Hemmings broke his usual media silence to speak in favour of Brexit, although as a resident of the Isle of Man he is not eligible to vote.
An investigation in the Independent examines why some fund managers gain a ‘cult’ following. ‘Are star fund managers really a guarantee of investment success?’ they ask. The report comes after an anonymous donor bought lunch with Warren Buffet for £3,456,789.
A third runway at Heathrow could help Northern cities to ‘soar’, according to Metro. The paper quotes John Holland-Kaye, the airport’s chief executive, as saying ‘It’ll help drive the Northern Powerhouse and create jobs.’ However plans for a third runway are notoriously contentious, with concerns over noise and air pollution cited as reasons why Heathrow should not be expanded.
Sky News advises avoiding any significant financial transactions for a fortnight in the event of a vote for Brexit in this week’s referendum. More savings will also need to be put aside for travel. ‘Consumers should be more prepared for potential curbs on travel to the continent - and what it could cost to phone home once they get there,’ they warn.