UK house prices fell for the first time in three months by 0.2 percent in March, suggesting the market may be stagnating due to high mortgage rates and strained affordability.
Robert Gardner, Nationwide’s chief economist, said: “Activity has picked up from the weak levels prevailing towards the end of 2023 but remains relatively subdued by historic standards. For example, the number of mortgages approved for house purchases in January was about 15 percent below pre-pandemic levels. This largely reflects the impact of higher interest rates on affordability.”
Mortgage rates have dropped significantly from the middle of last year, when a typical five-year deal had risen above 5.5 percent. Figures from Nationwide indicated that the average was down below 4.5 percent.
The building society, which is the country’s third biggest mortgage provider and is in the process of buying Virgin Money for 2.9 billion (HK$28.51 billion), said that with the cost of living pressure easing and inflation rates reducing, consumer sentiment was improving, with surveyors reporting a pickup in new buyer inquiries.
It also indicated that wage growth was outpacing house price growth, which would make buying a home more affordable.
Staff reporter
ompanies across dozens of industries annually spend billions on management consulting firms. Offering a range of services—improving sustainability practices, advancing marketing strategy, or simplifying supply chain— consultants help companies solve their biggest problems. But choosing from literally thousands of them can be daunting.
“There is definitely a very strong underlying market for consulting services,” says Fiona Czerniawska, chief executive of Source Global Research, a London-based company that advises consulting and professional services firms. But when it comes to choosing a firm, “there isn’t necessarily a magic formula,” she says.
To help executives assess the options, Forbes partnered with the research company Statista to create our second annual World’s Best Management Consulting Firms list.
The rankings were created after surveying both clients and senior executives at consulting firms in 40 countries, including the U.S., Germany, France, the U.K., the Netherlands, Brazil and Japan. Firms were evaluated for their performance in specific industries (such as healthcare, telecommunications and banking) and functional consulting areas (such as sales, strategy and digital transformation). Companies that received the most recommendations were ranked at three levels: five stars for “very frequently recommended,” four stars for “frequently recommended,” and three stars for “recommended.” The final list highlights 229 companies across four continents.
As with all Forbes lists, companies do not pay any fee to be eligible for the ranking.