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Average UK house price drops by £14,000

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House prices in the UK witnessed their steepest annual price drop in 14 years during August, according to new data from The Halifax.

The lending giant said it is happening at a time when the impact of escalating mortgage rates is reverberating across the housing market.

A 4.6% decline in property values in the year leading up to the end of August – marking an average price reduction of £14,000 – has been noted.

However, this drop is in comparison to the record high property prices recorded during the same period last summer.

This brings the cost of the average home in the UK to £279,560.

More price falls predicted

The Halifax foresees additional price falls in the coming months, citing a 1.9% decrease in house prices between July and August alone.

Kim Kinnaird, director of mortgages at The Halifax said: “We may now be seeing a greater impact from higher mortgage costs flowing through to house prices.”

Buyers will gradually adjust their comfort level with mortgage costs as the market seeks a new equilibrium, surpassing the range observed in the past 15 years.

As of December 2021, the Bank of England has implemented 14 consecutive interest rate hikes in an effort to curb increasing consumer prices in the UK. Currently, the bank’s base rate stands at 5.25%.

Biggest house price drop in London

The Nationwide reported a 5.3% drop in house prices for the year ending in August, marking the largest annual decline since 2009.

The average rate on a two-year fixed rate mortgage is now 6.67%, according to the financial information service Moneyfacts.

The lender said prices had fallen all over UK, with the biggest drop in London, although the capital remains the most expensive place to buy in the UK.

Manhattan Associates Revolutionises Retail Returns for Shopper Satisfaction

Manhattan Associates Inc. (NASDAQ: MANH) has unveiled a set of advanced Returns Management capabilities designed to streamline and optimize the returns process, delivering a seamless experience for both consumers and retailers. These new features not only enhance customer satisfaction but also promote increased store traffic and cross-selling opportunities, thereby strengthening customer loyalty.

According to Manhattan’s 2023 Unified Commerce Benchmark, 41% of shoppers find the returns process to be overly time-consuming, and an overwhelming 96% express a willingness to make future purchases from retailers offering a smooth returns experience. With Manhattan’s enhanced capabilities, consumers gain the flexibility to choose their preferred method of return, whether in-store or online, including printerless options. Refunds or exchanges are processed immediately upon package scanning by carriers, resulting in a 3-5 day faster turnaround compared to most other retailers.

Ellie Crawford, Director of Product Management for Manhattan, emphasized the importance of prioritizing customer experience in today’s retail landscape: “For shoppers today, experience beats products. Returns are an inconvenience to consumers and a big cost for retailers, and our enhanced Returns Management capabilities help retailers provide a world-class experience to their customers even after the sale, strengthening loyalty and, in turn, profitability, At Manhattan, we are committed to solving business challenges in the simplest and most efficient way possible.”

These innovative capabilities not only reduce shipping costs but also enhance the sustainability of the return process by optimizing the return path and inventory placement based on assortment and current stock levels.

The new features enhance the returns process across the Manhattan Active® Omnisolution suite, extending from the contact center to store applications. They are automatically accessible to all subscribers of Manhattan Active Omni as part of the quarterly upgrade cycle.

Stay up-to-date with the latest product updates, customer insights, and partner news from Manhattan Associates on TwitterLinkedIn and Facebook.

BizPlan.io receives Innovate UK Funding to Revolutionise Business Planning

BizPlan.io, a groundbreaking ConsulTech platform dedicated to reshaping the global business planning landscape, proudly announces its recent acquisition of esteemed funding from Innovate UK. With this funding, BizPlan.io is poised to redefine the traditional consulting paradigm by seamlessly integrating traditional expertise with the capabilities of machine learning, artificial intelligence, and natural language processing (NLP) technology. The outcome? An innovative and accessible business document solution for startups and SMEs that will revolutionize business planning worldwide.

Ishan Chadha, CEO and Founder of BizPlan.io, expressed his enthusiasm for the funding and its transformative potential. “Innovate UK’s recognition of our innovative approach to business planning reaffirms our mission. We’re determined to democratize business consulting by empowering consultants with AI tools, driving costs down by a staggering 70%. Our vision is to create a synergy between traditional consulting excellence and cutting-edge technology, fostering inclusive entrepreneurship accessible to businesses of all scales.”

BizPlan.io’s groundbreaking platform leverages AI-driven automation, streamlining and expediting the business planning process. This innovative approach empowers entrepreneurs to effortlessly create professional business documents by merging the expertise of traditional consulting with the power of technology. These documents, meticulously reviewed by expert consultants from BizPlan.io’s team, enhance inclusivity and accessibility within the entrepreneurial landscape.

The core of BizPlan.io’s technology serves a dual purpose, benefiting both entrepreneurs and consultants. The platform provides an intuitive interface for entrepreneurs, automating the complex task of crafting business documents. This frees up time, allowing entrepreneurs to concentrate on crucial business strategies. For consultants, the technology augments their expertise, enabling them to offer nuanced and personalized guidance to entrepreneurs.

As the recipient of Innovate UK funding, BizPlan.io is positioned to expand its impact across diverse sectors. By infusing AI-driven automation into the business planning workflow, the platform simplifies the creation of essential business documents, enabling entrepreneurs to focus on core business activities and growth strategies.

BizPlan.io’s unwavering commitment to affordability, accessibility, and excellence remains steadfast. As the company harnesses its technological prowess, it steadfastly advocates for inclusive entrepreneurship, equipping startups and SMEs with essential tools to excel in today’s dynamic business landscape.

MeBe Toys Launches: Championing Diversity and Inclusion in the Toy Industry

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MeBe Toys, an innovative UK-based company, is thrilled to announce its official launch, bringing a fresh perspective to the toy industry by introducing a range of products that celebrate diversity and promote inclusivity. With a mission to empower children and nurture a strong sense of identity, MeBe Toys strives to create a world where every child can find representation.

MeBe Toys offers an engaging lineup of soft toys and action figures designed to spark creativity and inspire learning. Each toy is meticulously crafted with premium materials, ensuring both durability and safety for children of all ages. The initial product line features three soft toys: an Astronaut, Fire Chief, and Warrior King, each representing diverse races, ethnicities, and identities. These toys not only deliver endless fun but also serve as educational tools, promoting empathy, understanding, and acceptance.

Ade Shokoya, Founder of MeBe, expressed, “We are committed to expanding our product range, continuously adding new toys that represent a wider range of races, ethnicities, and identities. Our goal is to create a diverse and inclusive toy collection that resonates with children from all walks of life.

“MeBe Toys understands the importance of positive role models. That’s why our toys go beyond traditional stereotypes, featuring inclusive characters like astronauts, judges, and surgeons. By presenting a diverse range of role models, we aim to inspire children to dream big and believe in their limitless potential.

“As a company, we prioritise quality, safety, and sustainability. Our toys are meticulously made from safe and durable materials, ensuring they can accompany children on countless adventures for years to come. We are proud to contribute to a greener future by using ethically sourced materials and sustainable manufacturing practices.”

MeBe Toys invites parents, educators, and toy enthusiasts to embark on this exciting journey together. Let’s work towards a world where every child feels recognised, valued, and appreciated.

Explore MeBe Toys’ collection and join the movement towards a more inclusive future by visiting our website at www.mebetoys.co.uk.

UK Building Safety Remediation Scheme Faces Critical Debate in House of Lords

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The UK government is under increasing pressure to address a looming building safety crisis that could impact up to 1.7 million homeowners. Concerns have arisen due to a legislative gap in the government’s leaseholder protection regulations, which were introduced in response to the Grenfell fire tragedy in 2017. These regulations fail to cover three specific groups: those living in low-rise flats, those who have enfranchised, and those who own more than three flats.

The result is a situation where homeowners in these categories face uncertainty until their buildings are assessed for fire safety issues. The lack of clarity affects the entire flat market, as the status of buildings is unknown. Homeowners in unsafe buildings may find themselves unable to sell their properties or burdened with significant costs for remediation, including the removal of Grenfell-type cladding from low-rise blocks. In some cases, residents may be living in potentially hazardous flats that require urgent safety improvements.

The government implemented partial leaseholder protections last year, but this created a three-tier flat market, causing challenges for conveyancers and creating a risk of stalling a significant part of the UK housing market. The situation could worsen next year when new banking rules take effect, potentially forcing lenders to revalue loans for properties with reduced values. This could lead to financial difficulties for homeowners who are partially or wholly unprotected by current regulations and pose risks to banks that have lent them money.

To address this crisis, an amendment to the government’s bill has been proposed by the Earl of Lytton, a crossbench peer. This amendment seeks to hold developers or lead contractors permanently liable for building defects at the time of construction or establish a building industry levy to fund remediation efforts if the builder is no longer in existence. The goal is to ensure the remediation of all unsafe flats, protecting the 1.7 million homeowners currently excluded and eliminating the three-tier flat market.

The amendment has garnered widespread support from 48,000 people, the National Residential Landlords Association, Property Mark, and former Australian state premier Ted Baillieu. These organisations and individuals believe that the amendment offers comprehensive and equitable solutions to the building safety crisis.

The fate of this critical amendment will be decided in the House of Lords, and its acceptance or rejection will have significant implications for homeowners, the banking system, and the UK housing market.

For more information about the Earl of Lytton’s amendment, please visit www.buildingsafetyscheme.org.

To sign the petition, click here. You can watch a video from the petition’s founder, Jake, to find out more here.

Genie AI Introduces Free Advanced AI Legal Assistant for Businesses

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London-based AI legal tech company, Genie AI, has unveiled the first public version of its AI legal assistant.

This new technology seamlessly integrates with your legal documents, regardless of their length or complexity. It is readily available to chat and assist, capable of comprehending intricate questions about your documents, and can refer to specific clauses or schedules in its detailed responses. Over time, it tailors its answers to align with your business and legal preferences by learning to interpret context from prior conversations.

Genie AI also offers example prompts, endorsed by senior lawyers, to help users maximise the benefits of their AI legal assistant. The AI legal assistant is already being used by Genie AI’s 25,000 users as their “secret weapon” during contract negotiations.

Rachel Coles, a Payroll Manager and current Genie AI user, commented, “Genie’s AI legal assistant is the perfect support for a legal contract – I can ask for definitions on terms I’m unsure of and feel confident that my contract is reliable. It’s going to be so helpful for companies like mine moving forward.”

It’s not just business managers embracing legal AI; a 2023 survey from Thomson Reuters found that 82% of law firms believe generative AI can be efficiently applied to legal work.

The first version of Genie’s AI legal assistant aligns with this sentiment by employing a variety of AI models to ensure effective results. Additionally, Genie enhances these models with extensive testing, relevant legal and commercial context, and user analytics, ensuring that users receive the most accurate responses. This provides a better overall service compared to standalone models such as GPT-4.

Nitish Mutha, CTO and co-founder of Genie AI, stated, “This initial public release of our AI Assistant showcases just the chat infrastructure, but soon users won’t just get answers to questions, they’ll get an AI agent which directly edits and updates their legal documents. Our goal is to create an AI legal assistant which acts just like a team member, but accomplishing work at 100x the speed, while accessing a mass of knowledge that no one person or law firm alone could possibly hold.”

Genie AI’s future roadmap includes introducing various legal AI “spells” to its AI assistant portfolio, offering highly personalised and context-specific legal assistance. These applications will range from reviewing documents (or entire document datasets) with your specified party’s risk, customising documents based on changes to case law, to creating entirely bespoke agreements from scratch.

To gather feedback from the public, Genie AI is offering unlimited free usage during its beta phase.

To try the AI legal assistant, visit https://app.genieai.co/signup

Forward Introduces Next-Generation Digital Sales Room to Revolutionise B2B Sales

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In an era defined by digital transformation reshaping industries, B2B sales are undergoing a profound evolution. Enter Forward, an innovative solution poised to reinvent the B2B sales experience for the digital age.

After a successful year-long beta phase as Simpliciter, the FORWARD Digital Sales Room is now unveiled. Its goal is to simplify, engage, and enhance the efficiency of B2B sales for both buyers and sellers.

In a digital sales landscape where, according to a recent global survey by Gartner, 77% of B2B buyers describe their most recent purchase experience as complicated or challenging, a clear need for a solution emerges. Complex buying processes and information overload often lead to extended sales cycles and stalled deals. Forward seeks to eliminate these obstacles, ensuring that B2B sales journeys are seamless, maintain momentum, and culminate in successful deals.

The new banner “Forward” and its guiding principle “Drive your deal forward, effortlessly” encapsulate the essence of seamless progress that modern sales teams demand.

Forward’s platform replaces email clutter with dedicated digital sales rooms, consolidating sales resources, tools, interactions, and deal processes into a unified workspace. This solution fosters seamless collaboration and expedites buying decisions. Each digital salesroom, accessible via a single link, facilitates real-time interactions, provides invaluable sales insights, suggests mutual-action plans, and offers automated personalisation.

Boris Rino, co-founder of Forward, expresses his excitement: “Our transition from Simpliciter to Forward underscores our dedication to helping sales teams create smoother and more engaging experiences that effortlessly maintain prospect engagement and advance the deal!”

“95% of B2B sales processes still rely on emails and attachments. This isn’t just time- and resource-draining; it’s a major cause of lost sales,” says Altug Beser, a serial entrepreneur, and co-founder of Forward, with two successful exits under his belt in the vertical of digitalisation of B2B sales processes. “Both the buyer and seller side are in dire need of a streamlined experience. During our beta phase as Simpliciter, we witnessed a 30% shortening of sales cycles and a 23% drop in email back-and-forth. I believe any forward-thinking business should experience the advantages of a digital sales room firsthand.”

In a rapidly changing landscape, forecasts indicate that by 2026, a remarkable 30% of B2B sales cycles will transition to the efficiency of digital sales rooms. For enterprises and SMBs still reliant on conventional engagement methods and subpar buyer experiences, the need for transformation is undeniable.

Seizing this transformative moment, FORWARD extends an invitation to experience its digital sales room solution for free at www.dealforward.com. This opportunity empowers users to witness firsthand how FORWARD streamlines processes, effortlessly propelling deals forward and delivering that “wow” factor that accelerates deal closures.

Warehouse Flooring Urges Construction Firms to Make Informed Choices

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Leading UK industrial flooring supplier, Warehouse Flooring, is advocating for construction firms to make informed decisions when selecting flooring for new industrial buildings. The choice of flooring material plays a pivotal role in ensuring the efficiency and safety of daily operations within warehouses, especially considering the heavy loads, foot traffic, and machinery these facilities typically endure.

Elliot Preston, a representative from Warehouse Flooring, emphasised the importance of flooring selection, stating, “Selecting the right type of warehouse flooring is not just about aesthetics; it’s about durability, safety, and efficiency. 

He continued, “Additionally, this decision represents a significant investment that directly impacts operational efficiency and maintenance costs.”

“Warehouse floors are subjected to intense wear and tear, making the choice of flooring material critical. The flooring needs to withstand the constant movement of forklifts, pallet jacks, and heavy machinery, all while providing a safe surface for workers to navigate. 

It’s also a significant investment that directly impacts the operational efficiency and maintenance costs of the facility.”

He concluded, “Understanding your warehouse’s unique requirements and investing in high-quality flooring can result in a durable and efficient workspace that contributes to the overall success of your operations. Remember, making the right flooring choice today can lead to significant time and cost savings in the long term.”

Warehouse Flooring has extensive experience supporting construction firms with their flooring needs, offering expert guidance on selecting the most suitable flooring for specific applications.

Preston stated, “Our team possesses unparalleled expertise and provides tailored solutions because we recognise that each warehouse has unique demands. We deliver efficient installations, quality assurance to surpass industry standards, competitive pricing, and boast a long list of satisfied clients.”

For more information on Warehouse Flooring and their offerings, please visit warehouse-flooring.uk.

BAEKKE Unveils a Fresh Brand Look and Launches Sustainable, Colour-Coded Jewellery in the UK

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BAEKKE, the Danish sustainable jewellery brand, is thrilled to introduce its revamped brand identity and announce its debut in the UK market. Timed impeccably alongside the surge in interest in coded jewellery sparked by the ‘Pear’ dating ring, BAEKKE elevates this concept to new heights, empowering wearers to tell their unique stories through these groundbreaking pieces.

BAEKKE’s jewellery showcases interchangeable coloured beads that effortlessly click on and off, granting wearers the freedom to personalise their accessories in alignment with their emotions, style, or even convey subtle coded messages. Beyond being mere adornments, BAEKKE’s jewellery serves as a canvas for authentic self-expression, enabling individuals to communicate their values, champion causes, or share aspects of their gender identity or neurodiversity.

The launch of the brand-new Shopify website (https://baekke.shop/) signifies an exciting new chapter for BAEKKE, with its refreshed style epitomising the brand’s dedication to innovation, individuality, and sustainability. Lene Schødt, the Founder, elaborates, “Our jewellery transcends aesthetics; it serves as a platform for making a statement. BAEKKE’s designs empower people to proudly wear their beliefs and identity.”

While celebrating the beauty of colour and individuality remains a central focus, BAEKKE remains steadfast in its commitment to sustainability. The brand champions a ‘cradle-to-cradle’ philosophy, ensuring that each piece is meticulously designed for easy recycling and reuse. This approach aligns seamlessly with the BAEKKE ethos of mindful consumption, advocating for quality, versatility, and environmental responsibility.

BAEKKE’s jewellery encourages prolonged use, countering the detrimental impact of single-use plastics. BAEKKE acknowledges that when responsibly managed, plastic can be a valuable resource for sustainability. Unlike materials with higher melting points, such as glass, which necessitate substantial energy for recycling, plastic can be repurposed with significantly lower energy consumption. The smart design further ensures efficient material separation for recycling.

As BAEKKE unveils its revitalised brand and website, it embarks on a new era of vibrant colours in the UK and beyond. The brand is set to launch social media campaigns and plans for an upcoming pop-up event in London. With its core values rooted in innovation, self-expression, and environmental consciousness, BAEKKE deeply resonates with a growing community of conscious consumers, spanning generations, who seek authenticity and purpose in their fashion choices.

Experience the reimagined world of Baekke at https://baekke.shop.

Air traffic meltdown caused by “one in 15 million” event

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Air traffic control officials have unveiled the root cause of the extensive disruption that left thousands of passengers stranded abroad and at UK airports.

The National Air Traffic Services (NATS) previously said the chaos during and after the late August bank holiday was triggered by flight data that its system “didn’t understand”.

In a report released today, NATS explained the glitches that brought airports to a standstill.

NATS’ Chief Executive Officer Martin Rolfe, claimed the issue was a “one in 15 million” event, meaning engineers took a few hours to work out a situation they were unfamiliar with.

It was the first time this had happened in the five years the software had been operating, having processed more than 15 million flight plans, Rolfe said.

Problem identified

The problem was identified within a specific component of their air traffic control technical infrastructure known as the Flight Plan Reception Suite Automated – Replacement (FPRSA-R), which had encountered exceptionally uncommon circumstances.

The major disruption was caused by a flight plan that featured two identically named, but separate “markers” outside of UK airspace.

This led the system and its back-up to enter a fail-safe mode.

Technical glitch

While the organisation was swift to address the technical glitch and identify its source, the disruption wreaked havoc on air travel, leaving passengers stranded and flights delayed or cancelled.

NATS maintains that safety was not compromised during the ordeal.

As the affected passengers and airlines grapple with the fallout from this unusual incident, NATS has pledged to implement measures to safeguard against similar occurrences, ensuring a smoother and more reliable air travel experience for all.

Independent review

The UK Civil Aviation Authority will now independently review the wider issues around the system failure and how NATS responded to the incident.

If there is evidence that suggests NATS may have breached its statutory and licensing obligations, the UK Civil Aviation Authority will take appropriate steps.

Delays and cancellations

Coby Benson, flight delay compensation solicitor at specialists Bott and Co, said: “Airlines and airports can be hit by a range of problems, including strikes and technical problems, that can result in a raft of delays or even cancellations of flights.

“This can have a huge knock-on effect for passengers who are forced to either wait for their booked flight or seek an alternative mode of transport.

“Impacted passengers can claim up to £520 if the delay time is more than three hours, and airlines have a duty of care to provide things such as refreshments and even overnight accommodation if the delay is long enough.

“The circumstances where compensation may not be due include if it can be considered ‘freak’ or ‘wholly exceptional’, and therefore deemed an ‘extraordinary circumstance’. 

“Whatever the reason behind the cancellation of your flight, you are always entitled to either a free replacement flight or a full refund on your ticket, so it’s important to know your rights.

“You can always check with a flight compensation specialist to discover if you may be due a payout to make up for having to put up with the inconvenience during your well-earned break.”

Editorial photo credit: TK Kurikawa / Shutterstock.com