UK unemployment falls to 4.9% but vacancies hit lowest level since 2021

UK unemployment dropped back to 4.9% in the three months to February, but vacancies fell to their lowest level since early 2021. Regular pay rose 3.6% annually, still above inflation. For buyers and sellers, the picture is mixed: wages are holding up, keeping affordability steady, but the softer jobs market strengthens the case for the Bank of England to cut rates further. Mortgage pricing is likely to edge lower if that view firms up.