Day: 21 October 2024

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The asking price for a house in the UK only slightly increased according to Rightmove

UK homes

In October 2024, the asking prices for UK homes increased only slightly as the market saw an influx of properties, a survey reportedly revealed on Monday 21st October 2024

This report also indicated that some buyers were holding off on purchases, awaiting details on tax revisions from the new government’s forthcoming budget.

The increase in asking prices was a just 0.3% for October 2024, significantly lower than the typical 1.3% monthly rise for this time of year, according to property website Rightmove.

There was a 12% rise in the number of homes listed for sale compared to the same period last year, marking the highest number per estate agent since 2014.

Despite the increase in supply, the property market’s overall activity remained robust, with a continued uptick in buyer demand. Year-on-year, prices saw a 1.0% increase.

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China cuts lending rates by 0.25%

China cuts interest rates

China on Monday 21st October 2024 lowered its main benchmark lending rates by 0.25%

The People’s Bank of China (PBOC) has announced a reduction in the one-year loan prime rate (LPR) to 3.1% and the five-year LPR to 3.6%.

The one-year LPR affects corporate and most household loans in China, whereas the five-year LPR is a reference for mortgage rates.

This adjustment was anticipated. The governor of China’s central bank reportedly on Friday 18th October 2024 hinted at a forum in Beijing that the loan prime benchmark rates would decrease by 0.20% to 0.25%.

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Gold glitters to new highs above $2700

A bar of gold

Gold continues on its path to new highs touching $2740 on 21st October 2024

In 2024, gold experienced a surge of over 35%, reaching new record highs.

This increase was propelled by the anticipation of additional Federal Reserve rate reductions following a half-percentage-point cut in September 2024, coupled with persistent geopolitical uncertainties stretching from Europe to the Middle East.

Delegates at the London Bullion Market Association‘s annual meeting earlier this week predicted that gold prices could reach $2,941 per troy ounce in the next 12 months.

As investors continue to seek out a safe haven for their money, the price of gold will remain elevated.

Gold price one year chart – price snapshot as of: 21st October 2024 (08:52 BST)

Gold price one year chart – price snapshot as of: 21st October 2024 (08:52 BST)

Gold, which yields no interest in its own right, tends to gain in value when interest rates are cut and when geopolitical tensions heat up.