The Bank of England increased interest rates today. It was the 12th consecutive increase made by the bankers it tries to curb inflation. This week, the average rate on a two-year fixed mortgage in Britain exceeded 6%. For homeowners, that's hundreds more pounds every month than in pre-pandemic times. But recent data showed that house prices are much stronger than people had expected.
Much to the chagrin of hopeful first-time buyers, property prices remain stubbornly high across the West. Our correspondent explains why housing is defying the laws of financial gravity. A new diamond deal in Botswana risks jeopardizing the country’s sparkling record. And why a failed crop of peaches will not cripple America’s Peach State.
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