Commodity Prices Hit Highest Level Since 2008 Financial Crisis
Commodity Prices Hit Highest Level Since 2008 Financial Crisis As Markets Fall
Oil and Gas price soar amid supply chain worries after the Russian invasion of Ukraine.
With inflation already soaring to 30-year highs there is no sign of relief for businesses and consumers recently hit with higher prices for petrol and gas.
UK and European stock markets fell sharply with the FTSE 100 closing down 190 points (2.57%) and the FT250 down 696 or 3.57%. US markets are also down wiping billions of dollars off the value of western companies.
Russia’s economy appears to be in freefall as sanctions force a collapse of the Rouble and Russian stock market. Businesses are severing ties with Russia and lending markets are being closed off.
In the UK, MP’s are under pressure to seize assets of billionaire Russian Oligarchs linked to the Putin regime. Roman Abramovich has put his multi-million pound Kensington house on the market for a quick sale, along with his beloved Chelsea football club.
Sanctions will also have a negative effect on western economies. In the UK, energy bills could reach £3,000 per annum sucking more cash out of the wider economy.
With Russia and other countries seeing dollar denominated assets seized or sanctioned, could we be witnessing the end of the dominance of the US dollar as the world reserve currency?
HMO landlords renting rooms on an ‘bills included’ basis will be hit with massive cost increases this year. Gas prices have already doubled and could go even higher if the war chokes off supplies.
The Nationwide survey was published this week and reported a 12.6% annual increase in UK house prices to February 2022.
The cost of a typical UK home rose by a record £29,162 in the last year, the biggest cash increase in property prices since it started collecting comparable data in 1991, according to the Building Society.
The price of an average UK home is £260,230 but around double that figure for most of London and the Southeast.
Property prices are being driven by continued demand from buyers who are competing for relatively few properties on the market, especially larger homes outside of big city centres.
Second property owners in some parts of Wales could face a 300% council tax hike in a bid by the Welsh government to make homes more affordable for local people.
London sales and rentals appear to be bouncing back as people start to return to the office, but retail shops and cafes have taken a hammering in the last two years and thousands have closed for good.
Take a look around any shopping mall or high street and you will see many empty units.
Whether property prices can continue to rise in the current economic climate remains to be seen.
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