Money blog: M&S empty shelves across UK - what you need to know (2025)

In our previous post we reported on data showing house price growth is losing momentum. So what's next for the UK housing market?

Expectations for lower interest rates over 2025 look set to keep mortgage rates at current levels or lower, according to Zoopla.

HSBC UK was the latest bank to cut mortgage rates, knocking up to 0.24 percentage points off yesterday and increasing the number of mortgage deals below 4%.

"While house price growth is expected to slow further, towards one to 1.5%, we're still on course for a 5% uplift in sales volumes in 2025, assuming sellers remain pragmatic on pricing," said Richard Donnell, executive director at Zoopla.

"Regions where affordability is better aligned to local incomes, particularly across the North and Midlands, are set to lead this recovery."

Some lenders have recently announced changes to stress rates used in their affordability calculations, which could increase some people's ability to borrow.

The Financial Conduct Authority is also looking at its expectations for mortgage lending as part of proposals to streamline its rules, which could make it easier for more people to access home loans.

Donnell added: "One of the biggest supporters of continued market activity lies with mortgage lenders. Revisions to how lenders are assessing mortgage affordability will unlock additional buying power and support sales volumes to help tackle the healthy stock of homes for sale."

House price growth is losing momentum as economic uncertainty and seasonal factors cool demand, according to a property website.

Zoopla said British house prices increased by 1.6% in the year to March 2025, slowing from an annual growth rate of 1.9% in December 2024.

The average price of a home is £268,000 – an increase of £4,270 over the past year.

Behind the figures is an increase in the number of homes coming onto the market that outstrips buyer demand, according to Zoopla.

The average estate agent branch had 34 homes for sale, compared with 31 a year earlier.

"The weakening in buyer demand is partly seasonal, reflecting the Easter holidays, while global events and uncertainty over the economic impact of tariffs are likely to be causing hesitation amongst some buyers," Zoopla's report stated.

Shoppers have complained they're facing empty M&S shelves as the company grapples with the aftermath of a cyberattack.

From Sheffield to Aberdeen to Derry, customers have struggled to find what they're looking for and taken to social media to vent.

M&S confirmed there were "pockets of limited availability in some stores" as a result of measures to manage the cyber incident.

"When you sorting your stock issues out? No chicken and stuffing sandwiches, limited drinks, limited smoothies left, no TV magazines in Fargate, Sheffield store," wrote one customer on X.

Another complained they drove for an hour and paid for parking only to find "an empty M&S" on Sunday.

"Staff say the cyber attack is the cause. I appreciate the ongoing issues but M&S need to keep customers better informed."

M&S apologised to customers last week after orders and payments were affected by a major "cyber incident".

It told agency staff at its Castle Donington distribution centre to stay at home yesterday as disruption entered a second week.

Asked about the empty shelves, M&S said: "As part of our proactive management of the incident, we took a decision to take some of our systems temporarily offline.

"As a result, we currently have pockets of limited availability in some stores. We are working hard to get availability back to normal across the estate."

More than £700m has been wiped off the supermarket's stock market valuation since the problems began.

The retailer's shops are open and operating and contactless payments are back online in-store.

Every Tuesday we get an expert to answer your financial problems or consumer disputes. WhatsApp ushereor email moneyblog@sky.uk. Today we're doing something a bit different by answering three mortgage-related questions. Our second reader question is...

I currently have two mortgages on the same property with Santander, one which I ported from my old property and a second one for the balance of the new property. I want to renew and merge them so I don't have two products fees. I spoke with Santander twice – one person told me I can merge, one said I couldn't. What are my options?

Ricardo from Lemington Spa

Money blog editor Jimmy Rice answers…

This is a good, though quite technical question, that highlights some of the downsides of porting.

I spoke to an expert and Santander on your behalf – but firstly, it's worth reminding ourselves that porting basically means packing your mortgage up with all your possessions and moving it with you when you buy a new home – keeping its interest rate, terms and balance.

One advantage is you avoid a potentially hefty early repayment charge for paying off your existing mortgage. But where your existing mortgage doesn't cover the amount you need to buy a new home, you end up having to borrow more – so you have two mortgages with potentially different tie in periods.

I wasn't able to get Santander to comment on your specific case but they did acknowledge that your experience with their customer service team didn't sound great – and confirmed that the correct answer is that two products cannot be merged, as is standard in the mortgage market.

They suggested one option could be transferring one of your loans on maturity into a tracker without an early repayment charge – giving you flexibility with the second product.

David Hollingworth, a director at L&C Mortgages, expanded on this: "You could allow the first sub account to run onto the standard variable rate or another option without any early repayment charge.

"Once the second part comes up for renewal you would be able to select the same product for each sub account, aligning the tie ins on both parts - avoiding two fees."

He noted that an SVR, and potentially tracker, could cost you more in the interim – so it depends how long there is between the two deals ending.

"Lenders have different windows for when you can start a product switch and Santander can allow a rate to be secured about four months before the end of the deal," said Hollingworth.

"Depending on when the separate accounts end will be crucial in dictating how easy it is to get both parts on the same product."

Both Santander and Hollingworth stressed that it was vital to seek independent advice on this.

"There could be other options available but there will be pros and cons to when and how you secure a rate and what fees may be incurred," said Hollingworth.

"An adviser will be able to get into the detail and access the same transfer rates for you from Santander.They can also look at the options from across the market.

"You would be in a position to tee up a remortgage of the entire borrowing onto a single deal with another lender once all the current tie ins come to an end."

This featureis not intended as financial advice - the aim is to give an overview of the things you should think about.Submit your dilemma or consumer dispute via:

• WhatsApp ushere
• Email moneyblog@sky.uk with the subject line "Money Problem"

By Connor Sephton, news reporter

The maximum amount of Universal Credit that can be deducted for debt repayments is being reduced from 25% to 15% tomorrow.

Charities have welcomed the changes, which the government estimates will help 1.2 million families - 700,000 of them with children.

The average household will benefit by £35 a month, the equivalent of £420 a year.

StepChange's public policy manager, Adam Butler, told Sky News: "Unaffordable deductions from benefits are a huge driver of hardship - pushing over nine in 10 of those affected into going without essentials."

The organisation's research suggests one in four people on Universal Credit are struggling with serious problem debt, and StepChange is calling for the repayment rate to be reduced further in the future.

"Unaffordable debt collection ultimately causes more problems than it solves because people experience the health and wider consequences of hardship, resort to desperation borrowing and become more likely to fall behind on household bills like housing and council tax," the charity said.

"In contrast, responsible practice means debt can be collected fairly and sustainably when households are on a more stable footing and can afford to repay."

Most deductions occur after someone receives an advance payment of Universal Credit, or if they have received too much.

"Policymakers should focus on preventing those debts from arising in the first place and treating those affected with compassion and fairness," StepChange added.

Citizens Advice's head of policy, Luke Young, has also welcomed the change - describing it as a "positive first step".

He told Sky News: "This extra money could mean the difference between being able to pay rent and put food on the table, or not."

However, Young warned that a couple aged over 25 could still lose over £90 a month through these deductions.

The changes are being applied automatically, meaning anyone currently on Universal Credit won't need to take action.

By James Sillars, business and economics reporter

A wealth of corporate results has prompted a poor start for the FTSE 100.

The index opened 0.1% down at 8,413.

Among those leading the fallers was BP - down 3%.

The company missed profit expectations for its first quarter.

The oil giant, which is seeking to place more emphasis on gas and oil earnings following a U-turn on its green investments, reported an underlying replacement cost profit of $1.38bn (£1.03bn) for the first three months of the year.

That was down by almost half on the same period last year and blamed on "market volatility".

It's mostly down to lower prices on the back of US trade war uncertainty.

BP separately announced the architect of the group's ill-fated foray into renewables would leave in June.

Giulia Chierchia's position was said to have come under pressure from activist investor Elliott, which has been leading the charge for change at BP.

Also in focus was Associated British Foods (ABF), whose interests include Primark.

It reported a 10% fall in first-half profit, hurt by a loss in its sugar division, and warned that it expected to see a tariff impact in the current second half.

Shares were down 6.5% at the open.

However, ABF maintained its forecast for low single-digit sales growth at its retail arm and said business at Primark had been more encouraging in recent weeks.

There was not much cheer from HSBC, either.

Europe's biggest lender by assets reported a 25% fall in first quarter profit to $9.5bn (£7.1bn).

The Asia-focused bank also warned of a possible hit to loan demand and credit quality in the face of the US trade war, which is targeting China's imports with 125% tariffs.

But it kept a $3bn share buyback programme and shares were up 1% as a result.

By Brad Young, Money feature writer

New research has revealed vast differences in the number of truancy fines handed out by local authorities in England and Wales.

The most aggressive council, Essex County Council, imposed 35,605 fines for unauthorised school absences - which cost parents up to £160 - between 2022 and 2024, according to Confused.com.

Meanwhile, the most relaxed council, Denbighshire County Council, imposed just four.

In fact, far fewer fines were imposed across Wales (2,762) than England (873,062). That equates to a fine for every 65 people in England, compared with every 1,134 people in Wales.

Here you can see the 10 councils that handed out the most and fewest fines...

The insurance site found nearly two in five parents whose child has had an unauthorised absence admitted to taking them on holiday, saving an average of £567 on travel costs - rising to more than £1,000 for 16% of them.

Some 27% of parents have received a fine for doing so.

"I would do it again because the hike in prices for term-time versus non-term-time holidays is crazy," said Joanne, from Cambridge, who took her two daughters, aged eight and 12, out of school for the last three days of term in July 2024.

She was fined £80 for allowing them to travel with their grandfather to visit their father at his home in Singapore, a trip that lasted 15 days in total.

"They don't see him throughout the year, so I think that's valuable in itself, and then if you're going on a holiday to see a different kind of culture, I think there's education to be had in that," she said.

Almost half (48%) of those surveyed who were fined said they would do it again.

'Severe consequences'

"With prices often soaring outside of term time, some parents are weighing up the potential cost of a fine against the savings they can make by travelling off-peak," Alvaro Iturmendi, travel insurance expert at Confused.com, said.

"But if this is something that is happening repeatedly, then councils could take legal action. So while the savings could seem worth it, the consequences could be far more severe than you realise."

Councils in England can fine each parent £80 for absences, doubling if it's not paid within 21 days.

If a parent receives a second fine for the same child within three years, this will be charged at the higher rate of £160.

In Wales, councils can fine each parent £60, doubling if it's not paid within 28 days.

It's the responsibility of local authorities to decide when to issue fines, meaning the process varies from council to council.

Under national rules, a fine must be considered when a child has missed five days of school for unauthorised reasons.

If they are off school three or more times within three years, the parent/s can be taken to court, where they could face a £2,500 fine, a community order or a jail sentence of up to three months.

Scotland and Northern Ireland do not issue fines, though parents could still face legal action.

Regular unauthorised absences could see parents fined up to £1,000 by a court. In Scotland, they could face up to a month in prison.

"Poor attendance damages children's prospects and term-time holidays place the burden on teachers to support missed learning - affecting the entire class," a Department for Education spokesperson warned.

"That's why fines have a vital place in our system, so everyone is held accountable for ensuring our children are in school."

Yet a third of people surveyed said they believed travel was just as important as formal education (33%), that parents should have more freedom to decide (31%) and that schools should have more discretion to approve term-time holidays (35%).

You can find more information on absence rules and Confused.com's truancy fine calculatorhere.

Every Tuesday we get an expert to answer your financial problems or consumer disputes - and throughout today we'll answer three all focused on mortgages.WhatsApp ushereor email moneyblog@sky.uk.Our first problem is...

We are due to complete on our first house in a couple of weeks but my wife found out last week that she's being made redundant. She works in sales and is likely to get another job soon. All our credit checks have been passed. Do we need to disclose this?

Anonymous, Shropshire

The Money team answers...

First, we are sorry to hear about your wife's redundancy. This kind of thing is unwelcome at any time, but if you're in the process of a house move - one of life's most stressful events - it can be particularly gut-wrenching.

Do you have to tell your lender?

Money regular David Hollingworth, associate director atL&C Mortgages, says: "There will be a requirement for the applicant to let the lender know that there's been a change in their financial circumstances."

Most lenders will explicitly stipulate that you have to make them aware of a change of circumstances, such as redundancy.

If you don't, it could have a financial impact, saysNatalie Bradley, partner and conveyancing specialist atStephensons.

"The client could commit themselves to an exchange of contracts. The lender may then carry out another credit check (some do but it is rare) and ask for further payslips," she says.

"They then may withdraw the mortgage offer as they become aware of the change in circumstances. If this were to happen the client would then lose the 10% deposit given on exchange."

She also says if the buyer did not consent to their solicitor telling the lender about the redundancy, the solicitor may pull out of acting on their behalf.

"Naturally, the client does not really want to put themselves in a position where they buy a property with no income to pay the mortgage. This could lead to repossession which would adversely affect their credit rating," Natalie says.

Will mortgage be withdrawn?

It's possible for the mortgage offer to be withdrawn if there's a "material change in circumstances", says Hollingworth.

"For many, moving from two incomes to one is likely to make it difficult to meet the lenders' criteria and it could unfortunately mean no longer qualifying for the mortgage."

Some hope

A job loss doesn't automatically mean losing your mortgage offer, however.

While it's worth having a rethink of whether to pursue the mortgage amount you've been offered given your new situation, you could still be okay if you are buying with someone else and your combined income is enough to cover repayments.

Significant savings or a new job offer on the horizon could also reassure the lender that you won't fall behind on paying back what you owe. Or if your wife receives a redundancy payment, a smaller mortgage could be required.

A mortgage reassessment

A mortgage reassessment could take a while - and it may end in you being offered a smaller loan or higher interest rate.

Hollingworth's advice is to give good consideration to whether to pursue the mortgage offer and therefore your house purchase at all - and don't get yourself into trouble.

"Although that would potentially mean missing out on the new home in the near term it could save falling into deeper problems by taking on a bigger debt at a time when income has reduced," he says.

"Failing to present the correct information to the lender through the application process would be fraudulent."

This featureis not intended as financial advice - the aim is to give an overview of the things you should think about.Submit your dilemma or consumer dispute via:

• WhatsApp ushere
• Email moneyblog@sky.uk with the subject line "Money Problem"

Lucie posted a video on TikTok about her homemade hair oil during the COVID-19 pandemic.

That video went viral, and Lucie soon was inundated with messages asking if it was for sale.

Fast-forward a few years, and now the 25-year-old heads up a multimillion pound beauty brand.

In this episode of New Money, Sky's James Lillywhite visited the Hair Syrup warehouse in Pembrokeshire to find out how Lucie did it, and why they are based in rural Wales.