Mortgage rates surged at an unprecedented pace in 2022, with the average 10-year fixed rate doubling between March and December of that year. In response to mounting inflation, the Bank of England implemented a series of rate hikes, pushing borrowing costs steadily higher. By August 2025, the average 10-year fixed mortgage rate had climbed to 4.49 percent. As financing becomes more expensive, housing demand has cooled, weighing on market sentiment and slowing house price growth. How have the mortgage hikes affected the market? After surging in 2021, the number of residential properties sold fell significantly in 2023, dipping to just above *** million transactions. This contraction in activity also dampened mortgage lending. Between the first quarter of 2023 and the first quarter of 2024, the value of new mortgage loans declined year-on-year for five consecutive quarters. Even as rates eased modestly in 2024 and housing activity picked up slightly, volumes remained well below the highs recorded in 2021. How are higher mortgages impacting homebuyers? For homeowners, the impact is being felt most acutely as fixed-rate deals expire. Mortgage terms in the UK typically range from two to ten years, and many borrowers who locked in historically low rates are now facing significantly higher repayments when refinancing. By the end of 2026, an estimated five million homeowners will see their mortgage deals expire. Roughly two million of these loans are projected to experience a monthly payment increase of up to *** British pounds by 2026, putting additional pressure on household budgets and constraining affordability across the market.

The benchmark interest rate in the United Kingdom was last recorded at 4 percent. This dataset provides - United Kingdom Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, the UK watch market decreased by -17.1% to $981M for the first time since 2020, thus ending a three-year rising trend. Overall, consumption recorded a noticeable setback. As a result, consumption attained the peak level of $2.6B. From 2019 to 2024, the growth of the market remained at a lower figure.

Between January 2018 and July 2025, the United Kingdom's consumer price inflation rate showed notable volatility. The rate hit its lowest point at *** percent in August 2020 and peaked at *** percent in October 2022. By September 2024, inflation had moderated to *** percent, but the following months saw inflation increase again, and it remained on a slightly upward trajectory in the first half of 2025. The Bank of England's interest rate policy closely tracked these inflationary trends. Rates remained low at -* percent until April 2020, when they were reduced to *** percent in response to economic challenges. A series of rate increases followed, reaching a peak of **** percent from August 2023 to July 2024. The central bank then initiated rate cuts in August and November 2024, lowering the rate to **** percent, signaling a potential shift in monetary policy. In February 2025, the Bank of England implemented another rate cut, setting the bank rate at *** percent, which was further reduced to **** percent in May 2025. Global context of inflation and interest rates The UK's experience reflects a broader international trend of rising inflation and subsequent central bank responses. From January 2022 to July 2024, advanced and emerging economies alike increased their policy rates to counter inflationary pressures. However, a shift began in late 2024, with many countries, including the UK, starting to lower rates. This change suggests a potential new phase in the global economic cycle and monetary policy approach. Comparison with other major economies The UK's monetary policy decisions align closely with those of other major economies. The United States, for instance, saw its federal funds rate peak at **** percent in August 2023, mirroring the UK's rate trajectory. Similarly, central bank rates in the EU all increased drastically between 2022 and 2024. These synchronized movements reflect the global nature of inflationary pressures and the coordinated efforts of central banks to maintain economic stability. As with the UK, both the U.S. and EU began considering rate cuts in late 2024, signaling a potential shift in the global economic landscape.

Discover how the watch market in the UK is set to experience a significant increase in demand over the next decade, with forecasts indicating a steady growth in market volume and value. By 2035, the market is expected to reach 15 million units and be worth $934 million, showcasing a positive trend for the industry.

Consumer confidence, disposable incomes, exchange rates and world prices of precious metals all heavily influence the performance of watch and jewellery wholesalers. Purchases of watches and jewellery are considered discretionary, with many customers opting to rein in the spending during periods of uncertainty. However, the luxury end of the market is remarkably robust to market cycles. Over the five years through 2025-26, wholesalers' revenue is forecast to grow at a compound annual rate of 5.2% to £3.2 billion. This is largely driven by rising real household disposable income amid more moderate inflation, lifting demand for discretionary items like watches and jewellery and raising industry revenue. There has been a larger growth in younger generations purchasing watches and jewellery and they are willing to invest in the luxury end of the market. This trend is driving sales value for the industry and lifting revenue. The cost-of-living crisis contributed to a steep drop in revenue in 2023-24 as shoppers tightened their purse strings. Key downstream markets like high-street shops reined in their order volumes, hitting wholesalers' revenue hard. The harsh trading conditions have also impacted the usually resilient luxury market. As retail sales recover from a long period of inflationary pressure, revenue is expected to rise in 2025-26, increasing by 2.5%. Profitability is edging up as rising consumer confidence lifts sales volume, driving revenue. Wholesale bypass will remain a severe threat to wholesalers' revenue and margin. The sharp rise in operating costs in recent years has encouraged retailers to reassess their supply chains, with many opting to deal directly with manufacturers in search of lower prices. This trend is particularly prominent among larger retailers with the purchasing power to negotiate favourable supply deals. Consumer confidence will grow, boosting sales of high-margin statement pieces. Improving disposable incomes will also drive demand for ethical gold at a hefty premium. Over the five years through 2030-31, wholesalers' revenue is forecast to grow at a compound annual rate of 4.1% to reach £3.9 billion.

August 2024 marked a significant shift in the UK's monetary policy, as it saw the first reduction in the official bank base interest rate since August 2023. This change came after a period of consistent rate hikes that began in late 2021. In a bid to minimize the economic effects of the COVID-19 pandemic, the Bank of England cut the official bank base rate in March 2020 to a record low of *** percent. This historic low came just one week after the Bank of England cut rates from **** percent to **** percent in a bid to prevent mass job cuts in the United Kingdom. It remained at *** percent until December 2021 and was increased to one percent in May 2022 and to **** percent in October 2022. After that, the bank rate increased almost on a monthly basis, reaching **** percent in August 2023. It wasn't until August 2024 that the first rate decrease since the previous year occurred, signaling a potential shift in monetary policy. Why do central banks adjust interest rates? Central banks, including the Bank of England, adjust interest rates to manage economic stability and control inflation. Their strategies involve a delicate balance between two main approaches. When central banks raise interest rates, their goal is to cool down an overheated economy. Higher rates curb excessive spending and borrowing, which helps to prevent runaway inflation. This approach is typically used when the economy is growing too quickly or when inflation is rising above desired levels. Conversely, when central banks lower interest rates, they aim to encourage borrowing and investment. This strategy is employed to stimulate economic growth during periods of slowdown or recession. Lower rates make it cheaper for businesses and individuals to borrow money, which can lead to increased spending and investment. This dual approach allows central banks to maintain a balance between promoting growth and controlling inflation, ensuring long-term economic stability. Additionally, adjusting interest rates can influence currency values, impacting international trade and investment flows, further underscoring their critical role in a nation's economic health. Recent interest rate trends Between 2021 and 2024, most advanced and emerging economies experienced a period of regular interest rate hikes. This trend was driven by several factors, including persistent supply chain disruptions, high energy prices, and robust demand pressures. These elements combined to create significant inflationary trends, prompting central banks to raise rates in an effort to temper spending and borrowing. However, in 2024, a shift began to occur in global monetary policy. The European Central Bank (ECB) was among the first major central banks to reverse this trend by cutting interest rates. This move signaled a change in approach aimed at addressing growing economic slowdowns and supporting growth.

Jewellery and watches aren't essential, so sales depend on people's confidence in the economy and how much they have to spend. Recent economic headwinds, notably the cost-of-living crisis, have weighed in on sales for jewellery and watches, but sales are now slowly picking up as consumer confidence rebounds. However, more affluent shoppers have largely sustained sales of jewellery and watches, as they have been less adversely affected by changes to real disposable income, keeping revenue afloat in challenging economic conditions. The lingering effects of inflation and low consumer confidence over 2024-25 constrained spending on luxury items. In response, retailers, like Watches of Switzerland, have focused on international growth opportunities to boost their presence in the US market and greater investment in R&D and infrastructure, to be able to capitalise as industry demand recovers. Going into 2025-26, easing inflationary pressures and improvements in real disposable income are boosting the market. With consumer sentiment rising in 2025-26 to 47.0 as of August 2025, according to the S&P Global Index, shoppers have renewed confidence about spending on luxury goods, which will support jewellery and watch sales. Retailers must adapt to changing consumer preferences, offering a more experiential-led approach to selling goods, with strong customer service, stronger marketing and more exclusive product launches, to retain and attract customers who are increasingly prioritising spending on luxury goods and services that provide them with the best experience. The greater introduction of overseas brands into the UK industry and an increased focus on sustainability, driven by rising environmental consciousness, is reshaping the industry. Key stores like Pandora have adopted recycled materials and lab-grown diamonds, appealing to eco-conscious consumers, which is set to boost revenue. Over the five years through 2025-26, revenue is projected to climb at a compound annual rate of 4.5% to approximately £8.1 billion. Revenue is forecast to inch downwards slightly by 0.6% in 2025-26, with multiple store closures reducing revenue streams and online channels providing strong competition. The operating profit margin is anticipated to recover to 6.7% in 2025-26 as demand for industry products grows in line with confidence rising. Revenue is expected to climb at a compound annual rate of 2.2% over the five years through 2030-31 to £9.2 billion. Economic conditions are expected to stabilise in the coming years, supporting renewed spending growth and increasing demand for mid-range products. The future outlook for the UK Jewellery and Watch Stores industry will be shaped by growing online shopping trends, the perception of luxury watches as investment assets and the enhanced integration of AI into services. The industry will also have to face the rising rate of crime looming over the whole retail sector and rising gold prices will continue to create obstacles for many Jewellery and Watch Stores.

Over the five years through 2025-26, revenue is forecast to grow at a compound annual rate of 8.1% to £2.6 billion. Such a significant increase is partly due to a low base year; revenue took a hit in 2020-21, the height of the COVID-19 pandemic, as job insecurity postponed purchases on discretionary items like watches and jewellery. Since then, industry performance has risen, driven by a growing interest in luxury watches and jewellery from Gen Z, who also prefer to shop online rather than in-store. This is helping drive online sales of watches and jewellery, which in the past were often sold in-store due to their hefty price tags and the need for tactile inspections to see if they're the right fit. The cost-of-living crisis weighed on household disposable income in 2023-24. Brits held back on spending on luxury items, dampening revenue, while climbing input prices, like for gold, raised purchase costs for online retailers. Weak demand and rising purchase costs limited profit. However, as gold prices rise, along with the price of gold jewellery, there’s been a corresponding hike in demand for demi-fine jewellery; it’s more affordable, containing less gold than traditional fine jewellery, lifting demand with its sleek designs and inexpensive price points. In 2025-26, revenue is expected to climb by 2.5%. Revenue is forecast to expand at a compound annual rate of 4.5% over the five years through 2030-31, reaching £3.3 billion. The luxury retail industry will face numerous challenges, including direct-to-consumer sales giving brands more supply chain control. Nonetheless, growth opportunities remain. Consumers will become increasingly vigilant about the goods they buy and question where they come from, particularly as more members of Gen Z enter the workforce and becomes the newest source of spending power. To meet changing market values, retailers may adapt and be transparent about supply chains or hone in on stocking items made from conflict-free and recycled materials.

Properties receiving Small Business Rate Relief, either at the maximum amount or on the tapered relief for qualifying properties with Rateable Values (RV) between £12,000 and £17,000. Includes: Liable Party Name; Property Reference; Rateable Value; Property Address; Property Postcode. For more information on business rates in Calderdale, see the council website: Business Rates.

Unemployment numbers and rates for those aged 16 or over. The unemployed population consists of those people out of work, who are actively looking for work and are available to start immediately. Unemployed numbers and rates also shown for equalities groups, by age, sex, ethnic group, and disability. The data are taken from the Labour Force Survey and Annual Population Survey, produced by the Office for National Statistics. The data are produced monthly on a rolling quarterly basis. The month shown is the month the quarter ends on. The International Labour Organization defines unemployed people as: without a job, want a job, have actively sought work in the last 4 weeks and are available to start work in the next 2 weeks, or, out of work, have found a job and are waiting to start it in the next 2 weeks. The figures in this dataset are adjusted to compensate for seasonal variations in employment (seasonally adjusted). Data by equalities groups has a longer time lag and is only available quarterly from the Annual Population Survey, which is not seasonally adjusted. Useful links Click here for Regional labour market statistics from the Office for National Statistics. Click here for Labour market statistics from the Office for National Statistics. See here for GLA Economics' Labour Market Analysis. See here for Economic Inactivity statistics. See here for Employment rates. This dataset is one of the Greater London Authority's measures of Economic Fairness. Click here to find out more.

Price quote data (for locally collected data only) and consumption segment indices that underpin consumer price inflation statistics, giving users access to the detailed data that are used in the construction of the UK’s inflation figures. The data are being made available for research purposes only and are not an accredited official statistic. From October 2024, private school fees and part-time education classes have been included in the consumption segment indices file. For more information on the introduction of consumption segments, please see the Consumer Prices Indices Technical Manual, 2019. Note that this dataset was previously called the consumer price inflation item indices and price quotes dataset.

The article discusses the rising demand for watches in the UK, forecasting an upward consumption trend over the next decade. Market performance is expected to increase slightly with a CAGR of +0.5% from 2024 to 2035, reaching a volume of 7.7M units. In terms of value, the market is projected to grow with a CAGR of -3.2%, reaching $686M by the end of 2035.

All business rateable properties including: Property Reference; Property Address; Property Postcode; Property Description; Liable Party Name; Rateable Value; Liability Start Date; Relief Indicator; Ratepayer (excluding any where the ratepayer is an individual/partnership etc). Properties having their charges calculated on the small business multiplier only are also marked SBR. So properties with an RV above £15,000 are not receiving any percentage relief. Please see an explanation of the applicable codes below: SBR = Small Business Rate Relief DCR = Top Up Discretionary Charity Relief MCR = Mandatory Charity Relief EX = Exemption From Empty Rates (temporary or ongoing) - see relief code explanations DOR = Discretionary Rate Relief (not for profit making organisations) ER = Empty Rates Payable DRR = Retail Premises Discount MAR = Mandatory Community Amateur Sports Club Relief (CASC) MVR = Mandatory Rural Rate Relief DVR = Discretionary Rural Rate Relief As of April 2019 the following data is now included: Discretionary Relief % and start date; Mandatory Relief % and start date; Exemption Granted and start date; SBR - 100%; SBR - Sliding Scale NS SBR - Lower Multiplier As of October 2020 in order to minimise or eliminate the possibility of fraud, details of accounts in credit are no longer available. In addition, lists of empty business properties are no longer published. However, details of all properties are still reported in the Business Properties – Complete List without any marker to identify those properties that are listed as empty and unoccupied at that time. For more information on business rates in Calderdale, see the council website: Business Rates.

Interest rate on new mortgages in the United Kingdom decreased to 4.28 percent in July from 4.34 percent in June of 2025. This dataset includes a chart with historical data for the United Kingdom Interest Rate on New Mortgages.

Details of all current Business Rates accounts held with Colchester Borough Council. See Downloads page to access records for individual months. A revaluation of all non-domestic properties in England was carried out for 2017 by the Valuation Office Agency. For further details visit https://www.gov.uk/introduction-to-business-rates/how-your-rates-are-calculated Personal details are omitted from this data. Details of credits or write-ons cannot be supplied as the public interest in publishing this information is outweighed by the likelihood of prejudice to the prevention of crime. The free availability of details of business rate credits would carry a potential risk of fraud. This information is therefore exempted from release by Section 31(1)(a) of the Freedom of Information Act 2000.

Learn about the rising demand for watches in the UK and the projected market trends for the next decade, including expected increases in market volume and value.

In July 2025, global inflation rates and central bank interest rates showed significant variation across major economies. Most economies initiated interest rate cuts from mid-2024 due to declining inflationary pressures. The U.S., UK, and EU central banks followed a consistent pattern of regular rate reductions throughout late 2024. In the first half of 2025, Russia maintained the highest interest rate at 18 percent, while Japan retained the lowest at 0.5 percent. Varied inflation rates across major economies The inflation landscape varies considerably among major economies. China had the lowest inflation rate at 0 percent in July 2025. In contrast, Russia maintained a high inflation rate of 8.8 percent. These figures align with broader trends observed in early 2025, where China had the lowest inflation rate among major developed and emerging economies, while Russia's rate remained the highest. Central bank responses and economic indicators Central banks globally implemented aggressive rate hikes throughout 2022-23 to combat inflation. The European Central Bank exemplified this trend, raising rates from 0 percent in January 2022 to 4.5 percent by September 2023. A coordinated shift among major central banks began in mid-2024, with the ECB, Bank of England, and Federal Reserve initiating rate cuts, with forecasts suggesting further cuts through 2025 and 2026.