Average house prices in the UK have surpassed £300,000 for the first time, according to Halifax, the nation's largest mortgage lender. Meanwhile, Storm Leonardo continues to batter Europe and northern Africa, and more baby formula products have been recalled in the UK due to potential contamination. In other business news, jeweler Pandora announced it will switch from silver to platinum plating for some of its ranges due to a surge in silver prices, and kitchenware brand HexClad is holding a winter sale with significant discounts.
Halifax reported that the average UK property price reached £300,077 in January, calling it a "milestone" that could be daunting for first-time buyers. However, the lender also noted that wage growth has outstripped house price inflation since 2022, potentially aiding affordability. The Bank of England hinted at upcoming interest rate cuts, which could further lower mortgage rates.
Across the Atlantic, Storm Leonardo has brought torrential rain and strong winds to the Iberian Peninsula. Spain's state meteorological agency, Aemet, issued its highest red alert for heavy rainfall in Cádiz and parts of Málaga. Flash floods in Morocco have forced over 100,000 people to evacuate.
In the UK, food manufacturer Danone recalled 14 more batches of Aptamil and Cow & Gate baby formula due to potential contamination with cereulide, a toxin that can cause vomiting and stomach cramps. The Food Standards Agency (FSA) advised parents to check the batches listed on their website and stop using them. Thirty-six children in the UK are suspected to have been affected by food poisoning.
Jeweler Pandora announced it would reduce its reliance on silver, switching to platinum plating for some of its products. Silver prices have more than doubled in the past year, prompting the change. Pandora's chief executive, Berta de Pablos-Barbier, stated the aim was to reduce silver use to around 20% of its goods to lessen exposure to the metal's volatility.
Finally, kitchenware brand HexClad launched a winter sale, offering discounts of up to 44% on knives, pans, and cookware sets. The sale, which runs from February 6th to 17th, includes "Buy One, Get One Free" deals and bundle discounts. According to Fox News, the deals include the Sweater Weather bundle for £1,399 (44% off) and the Hybrid fry-pan set for £399.99 (25% off).
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