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‘Welcome signs of positivity’ for the housing market – rates drop below 5pc

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JEREMY Hunt’s Autumn Statement is delivering “welcome signs of positivity” for the housing market, a property association says. 

The National Association of Property Buyers say the Chancellor’s recent fiscal announcement is making mortgages a more attractive option for many prospective buyers.

Spokesman Jonathan Rolande said: “A steadier hand on the tiller means mortgage rates are dropping. It seems strange that this could be happening at the same time as The Bank of England is increasing base rates, but these are strange times. 

“The mortgage market spiked far higher than the BofE would have expected as the rates offered by lenders hit new highs following the botched Kwasi Kwarteng Budget. Now we are seeing more fiscal responsibility, and the markets are reacting to the fact that Britain looks like a safer home for money once again. 

Mr Rolande added: “Rates, especially those fixed for two or five years,  are dropping. The weekend saw rates drop below 5% for the first time since the beginning of October. The best 5 year fixed is now around 4.84% with Platform mortgages.

There is certainly an improvement in the market but we should be under no illusions that things will return to ‘normal’ any time soon. The BofE is likely to increase base rates again soon, putting more pressure on lending percentages. The market is showing a number of signs that it is slowing, with prices dropping. However, the doomsday scenario that looked possible, probable almost – where rates would hit double digits – seems to have been averted for now.

If rates hit 4% soon, in conjunction with some better value property that is hitting the market, this will be a golden time for buyers to snap up a dream home. However, fear of possible further drops in values will deter many from doing so. We shall see whether that is a wise decision or not.”

The comments come days after it was warned that homeowners face the biggest hike in mortgage interest payments ever. 

Thousands with a typical outstanding home loan could seeing their monthly charges doubling next year to almost £500.

The shock rise was predicted after analysis of figures published by Treasury watchdog the Office for Budget Responsibility (OBR) and follows attempts by the Bank of England to tame soaring inflation by hiking interest rates – leading to rises in mortgage interest rates.

The Liberal Democrats, who carried out the analysis, calculate that for a typical household with an outstanding mortgage of £236,000, the hike next year would mean monthly interest payments doubling to £474 – an extra £2,851 a year.

The news will fuel fresh fears that the cost of living crisis will lead to properties being repossessed.

Last night Lib Dem Treasury spokesman Sarah Olney said: ‘Homeowners are paying the price for the Conservative Government crashing the economy.

‘The mortgage ticking time bomb has only seconds left.

‘This is simply unmanageable with the tax rises announced by the Chancellor.’

The party wants the Government to scrap a planned reduction on surcharge imposed on the banking sector, and use the money to set up an emergency mortgage protection fund to help families seeing their repayments soar. 

Business

Finalists announced for Monday’s Welsh Apprentice Butcher of the Year final

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TWO talented Welsh apprentice butchers will be looking to prove they are a cut above the rest in the final of the country’s top competition next week.

The Welsh Apprentice Butcher of the Year final takes places on the first day of the three-day Welsh International Culinary Championships (WICC) at the International Convention Centre Wales (ICC Wales), Newport on Monday.

Competing for the coveted title will be Kieran Thomas, who works for Albert Rees Ltd, Carmarthen Market and Ollie Holden-Davies, who works for Neil Powell Butchers, Hay-on-Wye.

Sponsored by the Culinary Association of Wales (CAW) and Cambrian Training Company, the competition is open to Welsh butchery apprentices employed or studying for a qualification in Wales.

The finalists will have 30 minutes to cut a whole Welsh Lamb carcass into primal joints and then one hour and 40 minutes to create a visually exciting display of products showcasing their skills and creativity. All products must be clearly labelled and accompanied by cooking instructions.

The butchers must create a minimum of two lamb products identical in appearance, size and weight. They will be judged on their appearance, the meat display, creativity, skills, wastage, food safety and health and safety.

The winner will be announced at the WICC awards dinner on the evening of Wednesday, January 22 at ICC Wales.

The final and all three days of the WICC, which runs from January 20-22, are open free of charge to the public and hospitality trade.

The competition could be a stepping stone to the Craft Butchery Team Wales, which has included five former Welsh Butcher of the Year or Welsh Young Butcher of the Year winners – captain Peter Rushforth, Matthew Edwards, Tomi Jones, Dan Allen-Raftery and Craig Holly.

Arwyn Watkins, OBE, CAW president and Cambrian Training Company’s executive chairman, said: “The Welsh Apprentice Butcher of the Year competition is a great opportunity for apprentice butchers to put their skills to the test in front of an audience.

“It’s a huge honour to be named the best in Wales at your chosen vocation and people attending the WICC will have a chance to watch highly skilled apprentice butchers demonstrating their talent and meat display techniques.”

Organised by the CAW, the 2025 WICC also hosts a wide range of competitions over three days, including the Welsh National, Junior and Vegan Chef of the Year finals and the Skills Competition Wales hospitality competitions.

Picture caption:

Last year’s Welsh Craft Butcher of the Year champion Philip Tucker from Mumbles at work in the final.

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Business

José Peralta Appointed New CEO of Hybu Cig Cymru – Meat Promotion Wales

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AFTER an extensive recruitment process, José Peralta has been named the new Chief Executive of Hybu Cig Cymru – Meat Promotion Wales (HCC), the red meat levy body.

José brings over 25 years of experience in the UK meat industry, having held senior leadership roles across several prominent companies. Notably, he served as Managing Director of the UK’s second-largest red meat business under the ownership of Grampian Country Food Group, Vion, and 2 Sisters Food Group. During his tenure, the organisation achieved annual sales exceeding £500 million, employed over 3,000 staff, and operated six processing plants across the UK, making it a significant seller of Welsh beef and lamb domestically and internationally until 2016.

Following this, José became Managing Director of Tulip Food Company, overseeing eight processing sites and generating over £500 million in annual sales of pork-based products. Most recently, he served as Chief Operating Officer of Pembrokeshire-based Puffin Produce, where he spearheaded initiatives such as the development of the Pembrokeshire Creamery milk bottling plant.

HCC Chair Welcomes New Leadership

Commenting on the appointment, HCC Chair Catherine Smith said: “The Hybu Cig Cymru Board is delighted to welcome José Peralta as our new Chief Executive. His exceptional leadership skills and extensive experience in the red meat industry make him the ideal candidate to guide HCC into its next phase of development within an evolving and dynamic sector.

“This is an exciting time for HCC as we continue to grow and strengthen our renowned brands, PGI Welsh Lamb and Welsh Beef. With the finalisation of our current five-year business plan and the shaping of our strategic vision for 2026 and beyond, our focus is on creating a roadmap that supports the sustainable growth of the industry as a vital part of the Welsh agri-food economy.

“We also extend our heartfelt thanks to Heather Anstey-Myers, who has served as Interim Chief Executive over the past year, for her dedication and hard work.”

Government Endorsement

Huw Irranca-Davies, Deputy First Minister with responsibility for Climate Change and Rural Affairs, praised the appointment: “I am pleased that José Peralta is taking on this important role. His extensive track record in the red meat industry will be invaluable in advancing the organisation and ensuring it delivers the best outcomes for levy payers and the broader agri-food sector. Hybu Cig Cymru plays a crucial role in working with the Welsh Government and stakeholders to secure a sustainable future for farmers across Wales.”

CEO’s Vision for the Future

José Peralta expressed enthusiasm for his new role, stating: “I am honoured to join Hybu Cig Cymru and look forward to collaborating with the HCC team to champion the development and promotion of the Welsh red meat industry on behalf of our levy payers.

“Over the coming weeks and months, I will engage with levy payers and industry partners to identify opportunities for collaboration and partnership, ensuring maximum returns for both levy payers and the wider industry.”

José Peralta is set to assume his position on 20 January 2025.

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Business

Ferry update: Holyhead reopens, Pembroke Dock ferry returns to normal

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THE PEMBROKE DOCK Ferry Terminal, owned and operated by the Port of Milford Haven, has experienced a surge in activity in recent weeks. This was due to freight traffic being temporarily diverted to ports across the south-west following the closure of Holyhead Port.

The Port of Milford Haven is pleased to confirm that with the re-opening of Holyhead Port tomorrow, normal service will resume at Pembroke Dock Ferry Terminal. Irish Ferries will operate its usual twice-daily sailings to Rosslare, with the Isle of Innisfree scheduled to depart at 2:45am and 2:45pm.

A spokesperson said: “We would like to thank the community of Pembroke Dock for their understanding during this period of increased traffic through the town.”

Freight operators and passengers are encouraged to check the Irish Ferries website for up-to-date timetables and booking information.

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