London has become the hardest city to sell a home
Are you struggling to sell your London home? Share your story by emailing money@telegraph.co.uk
For decades, London homeowners couldn't believe their luck as their investments snowballed in value. Everybody wanted a piece of the London property market and sellers had the power to dictate ever-higher prices.
Between 1995 and 2015, the average price of a home in London leapt from £79,000 to £480,000, a 500pc increase, according to Land Registry data. Over the same period, the S&P 500 index – which measures the performance of large American stocks – increased by 160pc. During this golden age for house prices, even the most shrewd investors that managed to consistently outperform the stock market could have only dreamed of these kinds of returns.
Today, the picture looks very different. Of the 10 hardest postcodes to sell a house in, eight are in London, according to property analytics firm TwentyCi. Regionally, the South East edges London as the toughest to sell a house in, while Scotland ranked as the easiest.
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Economist
an hour ago
- Economist
Tariffs on the table: how trade wars threaten the resilience of global food systems
People sometimes assume their breakfast is locally sourced. The eggs may come from a nearby farm, but the animal feed was probably imported. The fruit might be Chilean, the coffee Ethiopian and the wheat in the toast from Kansas or Ukraine. Like smartphones, the food we eat is a global product. Agriculture accounted for 8% of global merchandise trade in 2023, and it continues to play a central role in food access, affordability and stability. With trade wars and protectionist policies on the rise, the delicate balance of global food systems is increasingly at risk. Global trade is a key driver of a secure food system Global trade is fundamental to ensuring food reaches those who need it most. About 80% of the world's population live in countries that import more food than they export, relying on trade to supply basic staples, stabilise prices and provide year-round access. In times of crisis—whether due to conflict, climate events or economic shocks—this interconnected system plays a vital role in preventing shortages and curbing price spikes. For food-importing countries, the volatility of trade flows can mean the difference between stable prices and empty shelves. Global trade doesn't just move goods; it builds resilience, acts as a buffer against droughts and fills in seasonal gaps. When a bad harvest hits one part of the world, another can often pick up the slack—if the system is working. Consider the example of Ukraine. Before Russia's invasion in March 2022, Ukraine and Russia were together responsible for nearly 30% of global wheat and barley exports. The war halted shipments overnight, creating ripple effects in import-reliant countries like Egypt, Indonesia, Bangladesh, Pakistan and Lebanon. These countries, which are heavily dependent on wheat imports due to limited domestic supply, saw bread prices soar and protests follow. But a total food crisis was averted, because alternative suppliers such as Australia, Brazil, the EU, India and the United States were able to step in and fill the gap. That's what makes trade such a powerful stabiliser. It's not just about efficiency—it's about accessibility and resilience. Trade helps countries absorb shocks and maintain food supply when crises hit. Trade wars can create ripples far beyond their borders The United States is the world's largest agricultural exporter. In 2023, its agricultural exports accounted for nearly 7% of its total exports. It shipped $27bn-worth of soyabeans, $13bn of corn and $7bn of wheat around the world. China buys US soya to feed livestock, Mexico depends on US corn for tortillas and animal feed, and the EU and Japan rely on American grains for staples. However, export strength does not guarantee stability. During the 2018-20 US-China trade war, retaliatory tariffs on American soyabeans led to a sharp drop in exports. The resulting losses for the agriculture sector were estimated at $27bn and many farmers faced severe financial strain. Critically, the impact of trade disruptions between the United States and China didn't remain confined to these two markets. They rippled outward, impacting countries that are large exporters and those that rely on consistent imports. Many countries in Africa and Asia, such as South Africa and the Philippines, struggled to adapt due to limited diversification and weaker global integration, with their exports to both the United States and the rest of the world declining following the tariff increases. In Rwanda, soyabean prices rose by 25%—from $520 to $650 per tonne—after China imposed retaliatory tariffs on US soyabeans and turned to African suppliers, creating regional shortages. In 2025, similar patterns are emerging elsewhere: shrimp farmers in Mexico are facing rising feed costs, driven in part by the new US tariffs, forcing producers to seek alternatives as they grapple with falling shrimp prices and tight profit margins. Given the importance of US-China trade to global food systems, a good number of farm goods are likely to be affected. The most significant are shown in Table 1 below. Rethinking trade to strengthen food systems Whether it is geopolitical tensions or climate challenges, the risks facing our food system are only increasing. We need to make our food systems more resilient so they can adapt to external shocks without breaking. A good place to start is trade. Rethinking trade rules to safeguard food flows would help. Exempting critical farm goods from tariffs and export bans could steady supplies when tensions rise. 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Smarter trade is the answer: shorten supply routes where possible, invest in greener logistics and grow more food closer to where it will be eaten, while keeping trade open where it matters most. Such changes depend on better infrastructure. Modern cold chains are essential to preserve food quality during delays or detours. Countries should invest in decentralised storage, efficient refrigeration and digital monitoring to keep food moving, fresh and safe, even when global trade falters. This isn't just about economics: it's about resilience History demonstrates that food insecurity breeds unrest. The 2007-08 global food-price crisis led to protests in many countries, while rising food costs fuelled protests during the Arab spring. As climate change, conflict and economic shocks increase, we are likely to see more of the same, unless we act now. Fundamentally, the world cannot afford to allow food to become collateral damage in trade wars. We need a food system that is resilient, inclusive and built to withstand 21st-century shocks. That means keeping trade going, but making it smarter, greener and fairer.
The Independent
2 hours ago
- The Independent
Asia shares climb after China and the US say they have a framework for seeking a trade deal
Asian shares mostly rose Wednesday after China and the U.S. said they had reached agreement on a framework for following up on the trade truce reached last month in Geneva. Japan's benchmark Nikkei 225 surged 0.5% in morning trading to 38,385.37. Data from the Bank of Japan data showed wholesale inflation slowed in May, meaning there might be less pressure for the central bank to raise interest rates in its next policy board meeting. Hong Kong's Hang Seng gained 0.8% to 24,364.77, while the Shanghai Composite rose 0.5% to 3,402.72. Australia's S&P/ASX 200 edged up 0.3% to 8,612.40. South Korea's Kospi added 0.6% to 2,889.88. Tuesday on Wall Street, the S&P 500 rose 0.5% to 6,038.81 as the trade talks between the world's two largest economies carried into a second day. The Dow Jones Industrial Average added 0.2% to 42,866.87, and the Nasdaq composite gained 0.6% to 19,714.99. Stocks have roared higher since dropping roughly 20% below their record two months ago, when President Donald Trump shocked financial markets with his announcement of tariffs that were so stiff that they raised worries about a possible recession. Much of the rally has been due to hopes that Trump would lower his tariffs after reaching trade deals with countries around the world, and the S&P 500 is back within 1.7% of its record set in February. Analysts said that after two days of discussion in London, the late-night agreement reached appeared to be a consensus on what was already agreed upon before. 'So what did 48 hours of talks actually produce? Apparently, a reaffirmation to eventually do what they had already said they would do. If markets were expecting substance, they got process instead,' said Stephen Innes, managing partner at SPI Asset Management. U.S. Secretary of Commerce Howard Lutnick said Tuesday evening in London that talks with China were going 'really, really well.' Both the United States and China have put many of their tariffs announced against each other on pause as talks continue. Even though many tariffs are on hold for the moment, uncertainty over what is to come is still affecting companies and their ability to make profits. Designer Brands, the company behind the DSW shoe store chain, became the latest U.S. company to yank its financial forecasts for 2025 because of 'uncertainty stemming primarily from global trade policies.' The company, which also owns the Keds, Jessica Simpson and other shoe brands, reported a larger loss for the start of the year than analysts were expecting, and its revenue also fell short of forecasts. CEO Doug Howe pointed to 'persistent instability and pressure on consumer discretionary' spending, and the company's stock tumbled 18.2%. The uncertainty is moving in both directions, to be sure. A survey released Tuesday of optimism among small U.S. businesses improved a bit in May. 'While the economy will continue to stumble along until the major sources of uncertainty are resolved, owners reported more positive expectations on business conditions and sales growth,' according to Bill Dunkelberg, chief economist at the National Federation of Independent Business. Tesla helped to make up for such losses by rising 5.7%. The electric vehicle company has been recovering since tumbling last week as Elon Musk's relationship with Trump imploded. That raised fear about possible retaliation by the U.S. government against Tesla. Shares that trade in the United States of chipmaking giant Taiwan Semiconductor Manufacturing Co. rose 2.6% after the company known as TSMC said its revenue in May jumped nearly 40% from the year earlier. In other dealings early Wednesday, the yield on the 10-year Treasury eased to 4.48% from 4.47% late Tuesday. Benchmark U.S. crude oil slipped 12 cents to $64.86 a barrel. Brent crude, the international standard, fell 15 cents to $66.72 a barrel. The U.S. dollar rose to 144.94 Japanese yen from 144.84 yen. The euro cost $1.1414, down from $1.1425. ___ AP Business Writer Stan Choe contributed.
Powys County Times
6 hours ago
- Powys County Times
Starmer and Reynolds meet US commerce secretary in push to implement trade deal
Sir Keir Starmer has met the US commerce secretary as the Government continues to push for its American trade deal to come into force. The Prime Minister dropped in on a meeting between Howard Lutnick and Business Secretary Jonathan Reynolds in Downing Street on Tuesday. Mr Lutnick was in London for talks with China on resolving the trade war between Washington and Beijing, and Mr Reynolds took the opportunity to meet him in person to push for the UK-US trade deal announced last month to be implemented as soon as possible. The meeting follows talks between the Business Secretary and US trade representative Jamieson Greer in Paris last week. Under the terms of the agreement announced by Sir Keir and Donald Trump, the US will implement import quotas that will effectively eliminate tariffs on British steel and cut the levy on vehicles to 10%. But the deal has yet to be implemented and tariffs on both steel and cars remain at 25%, although the UK has been spared the increase on steel duties to 50% that Mr Trump imposed on the rest of the world last week. In a post on social media, Mr Reynolds said he had discussed 'progress on our trade deal – including UK autos and steel' with Mr Lutnick. UK officials remain hopeful that the deal will be implemented soon, but Tuesday's meeting does not appear to have moved the issue beyond both sides agreeing the need to move quickly. Speaking in the Commons last week, Sir Keir said he was 'very confident' that tariffs would come down in line with the deal 'within a very short time'. Implementing the deal will require the UK to pass legislation, likely to involve regulations rather than a full Act of Parliament, while the US will also need to create a legal mechanism to bring steel and vehicle quotas into effect.
