Rolling coverage of the latest economic and financial newsOn the corporate front this morning, the metals miner Fresnillo has announced it will buy Probe, the Canadian gold mining company, for $780m in Canadian dollars (about £424m).Shares in the FTSE 100 miner have risen by more than 240% this year, making it the best performer across the whole index, boosted by the steady rise of the price of gold. Fresnillo, which is listed in London but headquartered in Mexico City, operates gold and silver mines across Mexico.Against a backdrop of subdued consumer confidence and signs of weakening in the labour market, this performance indicates resilience, especially since mortgage rates are more than double the level they were before Covid struck and house prices are close to all-time highs.Looking forward, housing affordability is likely to improve modestly if income growth continues to outpace house price growth as we expect. Borrowing costs are also likely to moderate a little further if bank rate is lowered again in the coming quarters.”Among the myriad of proposals reportedly under consideration is a ‘mansion tax’ on homes valued over £2 million. Council tax reform, capital gains tax applied to the sale of high-value residences and replacing stamp duty with an annual property tax are also on the table. Even landlords are under pressure once again, despite already grappling with higher taxation and tighter regulation, with speculation that National Insurance (NI) may be applied to rental income – yet another hit for the private rental sector.…With so many property tax changes in the mix, buyer demand has slowed, but the number of homes up for sale has risen, placing those still hunting for a home in a stronger position. Some sellers, keen to move fast, may not only price their homes more competitively but also be more amenable to negotiation.” Continue reading...
Saturday 1 November 2025
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