UK house prices are at a record level, say Halifax, after their data shows rising property pricetags for a third month in a row. That’s in contrast to Nationwide data recently released, which showed a drop of 0.1 per cent for August. Now some experts are predicting that the average price of a property could surpass £300,000 by the end of the year.
In the business world, Jaguar Land Rover are still looking into the cost and impact of the cyber hack on their firm, while John Lewis is expected to hire over 13,000 people for seasonal work across its partnership range heading towards Christmas.
After the FTSE 100 rose yesterday to the tune of more than 0.4 per cent, investors will be keen to see if the index marks out another positive week. We’ll also have the best personal finance information and updates coming for your banks and pockets as usual.
Follow The Independent’s live coverage of the latest stock market and business news here:
Key points
- UK house prices increased in August - average now a record £299,331
- John Lewis to hire 13,000+ staff for Christmas period
- Jaguar Land Rover tell workers to stay home amid cyber hack fallout
- UK firms spend almost £236,000 in past year on AI
- Elon Musk could become world's first trillionaire with new Tesla deal
Full list of Bodycare shops that will close across the UK
15:30 , Karl MatchettHigh street beauty chain Bodycare is to shut 32 of its shops across the UK after falling into administration.
The retailer said it will make around 450 of its roughly 1,500-strong workforce redundant as a result.
Here are the full list of locations to close:
Does firing your worst employees ever make business sense?
15:00 , Karl MatchettAs Lloyds plans to cut its bottom 5 per cent of staff, James Moore asks if threatening thousands of ‘underperformers’ with the sack can have an energising effect on the workforce
Elon Musk could become world’s first trillionaire under new Tesla pay deal
14:29 , Karl MatchettElon Musk could become the world’s first trillionaire under a new proposed payment package at Tesla - if the chief executive hits a series of ambitious targets across the next decade.
Already the world’s richest man with a net worth of $378bn (£280bn), the South African-born entrepreneur could be handed a deal worth more than $1tn (£740bn) if shareholders vote through board proposals.
Based on current market capitalisation values, it would make Elon Musk worth more than all but the six or seven biggest public companies on the planet.
Achieving the terms of the deal would almost certainly make Tesla the biggest business in the world, as one of the terms included is to grow the company’s market value to $8.5tn (£6.3tn) from the $1.1tn figure it stands out today. Chipmaker Nvidia is presently the only firm bigger than $4tn.
Elon Musk could become world’s first trillionaire under new Tesla pay deal
Yes, you really can earn $35,000 a month as an intern
14:00 , Karl MatchettInterns are usually known to take up roles for little pay in the hope of gaining experience and getting a foot in the door of their chosen industry.
But one internship has hit the headlines this week due to offering an eyebrow-raising salary of around £78,000 for about three months’ work - and it’s made available by a British businessman.
The position on offer is an AI researcher for XTY Labs, who aim to develop algorithms for use in trading across the financial sector. But to land a spot earning $35,000 (£26,000) a month, as you might expect, you’ll need a very specific range of abilities.
Yes, interns really can earn $35,000 a month - if you have a very specific skillset
National Lottery operator sees sales boosted by record EuroMillions draws
13:30 , Karl MatchettA record haul from EuroMillions jackpot draws has helped The National Lottery operator notch up a sales surge in the UK.
Czech-based Allwyn – which took over the 10-year licence to run the lottery from Camelot in February last year – reported a 14% jump in UK underlying constant currency sales for the three months to the end of June.
Sales lifted 7% on a reported basis, helping UK underlying earnings lift 20% to six million euros (£5.2 million).
The National Lottery sold 18,600 tickets a minute on June 6 at the peak of the record £208 million EuroMillions jackpot draws.
National Lottery operator sees sales boosted by record EuroMillions draws
Who could replace Angela Rayner as she resigns over stamp duty row?
13:00 , Karl MatchettAngela Rayner has quit as deputy prime minister and housing secretary after an investigation into her tax affairs over her purchase of an £800,000 flat in Hove, East Sussex.
The deputy prime minister has faced mounting pressure to stand down over recent days after admitting she underpaid stamp duty by £40,000 on the flat she bought earlier this year.
Ms Rayner referred herself to the independent adviser on ministerial standards Sir Laurie Magnus who sent his report into her conduct to Keir Starmer saying her position in government was untenable, according to reports.
So who is in line to replace her?
Who could replace Angela Rayner as she resigns over stamp duty row?
UK firms splash out almost £236,000 in past year on AI
12:00 , Karl MatchettBritish businesses spent nearly £236,000 each on artificial intelligence (AI) in the past year as they look to get ahead in the race to embrace the new technology, according to a report.
The latest Barclays Business Prosperity index survey found that large corporates with more than 250 workers invested the most – at an average of £400,000 on AI and emerging technologies over the past 12 months – compared with £225,500 from medium firms and £125,250 from small companies.
More than two thirds – 68% – of all businesses are also looking to increase this spend in the coming year as the AI revolution shows no sign of slowing.
UK firms splash out almost £236,000 in past year on AI, poll finds
Save money on Christmas shopping with expert search tips
11:35 , Karl MatchettOne firm is sharing with consumers some tips to save money ahead of Christmas, when it comes to buying online.
Using a combination of the right Google searches and some specific prompts with AI systems like Chat GPT can lead to serious savings, they say.
Adam Collins, CEO of search marketing agency Ignite SEO, said:
“Google’s great for precision searching — but AI is like a shortcut to the end result. The smartest shoppers this Christmas will use both in tandem: Google to dig into retailer sites, and ChatGPT to do the heavy lifting.
“Most shoppers only scratch the surface of what’s online. Google can surface outlet stock and voucher codes if you know the right searches. Pair that with ChatGPT prompts that compare products, round up deals, or uncover hidden bundles, and you’ve basically got a digital personal shopper working for free.”
A couple of examples given are:
Ask AI: Find Christmas beauty gift sets under £30 that include perfume. It can be 20–40% cheaper than buying separately.
Ask Google: “discount code” + brand name, eg “Boots discount code November 2025”. It can get Up to 20% off beauty and fashion.
You can also add browser extensions like Honey and Quidco which will find you best deals or give cashback for pages you are on without you doing any extra work.
Transport for London makes last-minute plea to call off Tube strikes
11:13 , Karl MatchettTransport for London has issued a last-minute appeal for Tube strikes to be called off, as thousands of workers prepare for walkouts set to cause travel chaos in the capital.
Members of the Rail, Maritime and Transport (RMT) union, including drivers, signallers, and maintenance staff, are set to launch a series of strikes over pay and conditions, which will cause huge disruption to services next week.
Transport for London (TfL) has warned of few or no services between Monday and Thursday, with some disruption on Sunday.
More details here.
FTSE 100 up as investors wait for interest rates and tariffs certainty
10:40 , Karl MatchettThe FTSE 100 has risen this morning, up 0.25 per cent so far.
All told - and if it stays the same until closing - it would mean another slight rise of 0.5 per cent or so in total this week for London’s main index.
It could yet change though once US data and markets fire up this afternoon.
“Equity markets are quiet at the end of the week, albeit there is still a chance for a last-minute wobble if US jobs data delivers a shock,” says Russ Mould, investment director at AJ Bell.
“Constant movement regarding tariffs in recent months have been a nightmare for businesses trying to plan for their future. Ongoing uncertainty has the potential to put a freeze on hiring, thereby depressing the labour market.
“This situation isn’t ‘new’ news to investors, but they are watching every data point like a hawk to see if things are getting worse or better.
“Elsewhere, gold crept higher, fuelling the rally in FTSE 100 miner Fresnillo which has sparkled on the stock market this year.”
Why millions won’t feel the full benefit of the pensions triple lock
10:20 , Karl MatchettMillions of pensioners will miss out on receiving more money through the new state pension’s triple lock next year due to a key difference between the old and new versions.
For the new state pension, the triple lock ensures it goes up each year in line with whichever is higher out of inflation, wage growth or 2.5 per cent.
This year, wage growth is set to be the highest of those. Inflation is set to hit around 4 per cent late this year, but wage growth is already at 4.6 per cent, meaning at least a £550 increase to a full state pension next year, from £11,973 to £12,523 from April onwards.
However, there are an estimated 8-9m people on the old state pension – that’s for men born before April 6 1951 and women born before April 6 1953.
Here’s how it all plays out:
Why millions won’t feel the full benefit of the pensions triple lock
Expert view: Retail sales will be hit by Budget caution and inflation
10:00 , Karl MatchettA few quickfire expert reactions on that retail data and what it means:
Aled Patchett, head of retail and consumer goods at Lloyds:
“Retail sales rose for a second month, driven by clothing stores and non-store retailers.
“Consumers remain value-conscious, with loyalty schemes and promotions playing a key role in driving spend. In grocery, food inflation is leading more customers to compare prices and seek out deals.
“Supermarkets are investing in technology and workforce skills to deepen customer engagement and build loyalty.”
Isaac Stell, Investment Manager at Wealth Club:
“Retail sales rose above estimates in July with the Uefa Women’s Euro 2025 tournament helping to bring sales home for retailers.
“The warm weather in July also helped retailers score, but the question is how long can this be sustained. The summer's feel good factor is well and truly over. Looming tax rises and rampant speculation are likely to keep consumers cautious in the run up to the Budget. With the weather also starting to change for the worse, retailers will be lucky to not be caught offside in the coming months”
Retail data is in - but ONS admit errors in stats
09:40 , Karl MatchettWe’ll bring you now the latest retail data from ONS, but with the caveat they are coming under pressure more often now as a result of errors and mistrust from some quarters.
Anyway, with that in mind...
ONS Director General of Economic Statistics James Benford said:
"Overall, retail sales were a little lower over the latest three months as a whole compared to the previous three. Supermarkets, sports shops and household goods stores had a strong start to the year, but spending there has fallen since March. That weakness was partially offset by the strong showing from online and clothing and footwear stores.”
Retail sales fell by 0.6 per cent in the second three months of the year compared to January-March.
In July specifically, clothing and footwear provided the biggest boost to sales, with department stores suffering the biggest drop.
JLR tell workers to stay home as cyber hack fallout continues
09:21 , Karl MatchettJaguar Land Rover has reportedly instructed factory staff to work from home until at least next Tuesday, as the luxury carmaker grapples with the aftermath of a significant cyber attack.
Production has been halted at its key manufacturing sites, including Halewood in Merseyside, Solihull in the West Midlands, and the engine plant in Wolverhampton.
Reports indicate that production line employees have been advised not to return before September 9, with the situation remaining under review.
More updates here:
Buyers pulling out of deals amid property tax uncertainty - expert
09:08 , Karl MatchettThe Bank of England have already suggested inflation means there won’t be further interest rate cuts across 2025, so mortgage products aren’t likely to be made cheaper imminently either.
Alice Haine, personal finance analyst at Bestinvest, explains this - added to Budget uncertainty over tax and stamp duty changes in November - is already starting to see buyers pull out of deals for property.
“This aligns with market expectations that there will be no further rate cuts this year – a blow for borrowers hoping for further respite from high mortgage repayments. This will be particularly unsettling for those emerging from cheap fixed-rate deals secured before the BoE began hiking rates, as they may face an even higher jump in their monthly costs than planned
“With the Autumn Statement now set for November 26 – a month later than last year - speculation around property tax reform is likely to grow.
“The uncertainty around what might transpire is already prompting some buyers to pull out of deals just weeks after putting in offers, agents report.
“Both buyers and sellers should also seek trusted tax advice to ensure they are meeting their stamp duty and capital gains tax obligations correctly.
“After all, if the country’s housing minister can get it wrong, it’s a reminder that everyone must do their due diligence when navigating complex tax rules.”
John Lewis to hire more than 13,000 workers for Christmas
08:40 , Karl MatchettThe John Lewis Partnership (JLP) is hiring for 13,700 Christmas roles in its biggest ever recruitment drive as it prepares for the busy shopping season.
The retail group, which incorporates John Lewis department stores and the Waitrose chain, said it was investing to meet the expected surge in demand from consumers.
The seasonal roles will include 3,000 across 35 John Lewis stores, 8,500 within Waitrose shops and nearly 2,200 across its warehouses and supply chain network.
'House price growth is starting to accelerate' says Foxtons CEO
08:25 , Karl MatchettAffordability improving is a key part of what we’re seeing here in the house price data, says Guy Gittins, CEO of Foxtons.
There is, however, still “caution” in the market ahead of the Budget, when tax and inheritance rules could change.
“Following interest rate reductions, improving mortgage affordability and the increasing number of higher loan-to-income ratio products available, we’re now seeing the uplift in mortgage market activity begin to convert into transactional growth. In turn, the rate of house price growth is starting to accelerate.
“Market momentum remains steady and this underlying stability is encouraging buyers and sellers back into the fold, albeit with a degree of caution ahead of November’s budget.
“For those looking to sell, the key to success is a pragmatic approach to pricing in line with current market conditions.”
Halifax house price data: Average price hits record £299,331
08:10 , Karl MatchettHalifax data today shows the UK house prices continued to increase across August - a third consecutive monthly rise.
This time around they went up by 0.3 per cent to take the new average property price to £299,331 - a new record high.
Other key takeaways:
- Annual rate of growth eases slightly to +2.2% (down from +2.5% in July)
- Average price paid by first-time buyers falls slightly as affordability improves
- Northern Ireland continues to record the UK’s strongest annual house price growth
- England shows a North/South divide, with North East recording the fastest pace of growth
Business and Money live blog - 5 September
08:00 , Karl MatchettGood morning all - on the way will be stock market updates, best bank account info to earn high interest on your money and plenty more.
We start today though with the latest UK house price data from Halifax - which shows yet another rise.
