It follows the Bank of England's decision to raise interest rates 13 times in a row as it tries to bring down inflation. "As a result, housing affordability remains stretched for those looking to buy a home with a mortgage," he said. Nationwide's chief economist Robert Gardner blamed the high cost of mortgages. The average home is now worth £260,828 - a fall of 0.2% compared to the previous month but down 4.5% on the peak recorded in August 2022, the building society said on Tuesday. It comes after Nationwide reported that annual property values declined by 3.8% in July - the sharpish fall since July 2009. House prices will likely fall further in the coming months after a closely-watched index reported the biggest drop in 14 years, experts predict.
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You can read our election analyst Michael Thrasher's full analysis below: The party, humiliated by the SNP two years before, now found itself falling behind the Conservatives in both votes and seats for the first time since 1955. Re-gaining the Rutherglen seat in 2017, albeit by the slender majority of 265 votes, Labour might have thought its Scottish woes were behind it but the national picture was bleak. Labour's collapse was spectacular, losing 40 of its 41 seats. The event will highlight the major fault lines that crisscross contemporary Scottish politics, divisions that also appear within political parties.Įstablished in 2005, Labour first lost the constituency in 2015 when the SNP, led by its new leader Nicola Sturgeon, won all but three of the country's 59 Westminster seats. Overturning the SNP's 5,000-vote majority is essential if Labour has any realistic hope of an outright win at the next general election. Zara Mohammed, secretary general of the MCB, said: "We urge for an impartial review that not only addresses the mechanisms behind bank account closures but also examines why British Muslims are disproportionately affected by this issue."Ī by-election in Rutherglen and Hamilton West offers Sir Keir Starmer's Labour Party the perfect opportunity to re-establish its electoral credentials in Scotland. The group called for a comprehensive review of banking practices, "scrutinising internal decisions leading to account closures and denial of services". It added: "This practice has persisted without any meaningful action from successive governments."
The MCB said it used the correspondence to highlight "the recurring issue of banks withdrawing services from British Muslims over the past decade without adequate transparency and recourse for those affected". The body has written to senior politicians - including Prime Minister Rishi Sunak, Chancellor Jeremy Hunt, Labour leader Sir Keir Starmer and Liberal Democrat leader Sir Ed Davey - to call for banking rights to be protected. The Muslim Council of Britain (MCB) said people and organisations in the community were being "disproportionately affected by this issue", leaving the group with "deep concerns". British Muslims are having their bank accounts closed "without adequate transparency and recourse", representatives have claimed.
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