UK mortgage repossession claims have surged to a five-year high, with households struggling to cope with high interest rates. Government data shows a 34% increase in mortgage possession claims in the second quarter of 2024, following a rise in UK interest rates to 5.25%. The Ministry of Justice reports that both mortgage and landlord possession actions have increased, with warrants and repossessions on the rise.
Amid global economic concerns, copper prices are dropping, and JP Morgan analysts fear a 35% chance of a US recession by the end of the year. Global markets are experiencing volatility, with European markets in the red and a merger between Barratt and Redrow facing regulatory hurdles.
On a more positive note, UK housebuilder Persimmon is upbeat on its homebuilding targets, aiming to build more than 10,000 new houses this year. Deliveroo has announced a profit milestone in the first half of 2024, with shares rising as a result.
In the midst of financial uncertainty, market jitters persist, leading to a roller-coaster pattern in global markets. Investors remain cautious as they navigate economic challenges and fluctuations in commodities and stock prices. Stay tuned for updates as the financial landscape continues to evolve.
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