POUND NOTES
The average UK house price leapt by 15.5% annually in July, marking the biggest increase in 19 years, according to official figures.
The percentage increase was around double the rate recorded in June, when the typical property value increased by 7.8% annually.
The Office for National Statistics (ONS) said the inflation rate was the highest recorded since May 2003.
The jump in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the report said.
The average UK house price was £292,000 in July 2022, which is £39,000 higher than this time last year.
Average house prices increased over the year in England to £312,000 (a 16.4% annual increase), in Wales to £220,000 (17.6%), in Scotland to £193,000 (9.9%) and in Northern Ireland to £169,000 (9.6%).
John Lewis has warned staff may not get a bonus this year after the cost-of-living crisis caused the high-street giant to suffer a near £100million half-year loss.
The group behind John Lewis and the Waitrose supermarket chain said a “substantial strengthening of performance” was needed to justify a payout to its 76,000 workers – known as partners.
The John Lewis Partnership restored the bonus last year –at 3% of staff salary – after scrapping it in 2020 for the first time since 1953.
But it came as the employeeowned group announced extra support. As well as providing free food at work for 14 weeks over winter, it also confirmed one-off cost-of-living payments equal to £500 for a full-time staff member.
Together with a 4% wage rise for the lowest paid workers, the group said it amounted to £45m of help.