UK Housing Market Data Response Mortgage Lending (Jan.) The spike in mortgage rates in October and November last year ensured that mortgage approvals remained at a similar level to the depths of the 2007-09 financial crisis in January. That could mark the... 1st March 2023 · 3 mins read
UK Housing Market Data Response Nationwide House Prices (Feb.) The further fall in house prices in February will keep optimism based on reports that demand has recovered in check. Indeed, even if buyer volumes have recovered, the amount they can spend on a new... 1st March 2023 · 3 mins read
UK Housing Market Data Response RICS Residential Market Survey (Jan.) There was some hope that, in keeping with the pause in house price falls recorded by Halifax in January, the RICS survey would show a recovery in demand on the back of the modest decline in mortgage... 9th February 2023 · 3 mins read
UK Housing Market Data Response Halifax House Prices (Jan.) We suspect that the pause in house price falls in January reported by Halifax will prove temporary. Despite the slight decline in mortgage rates, affordability still looks far too stretched for house... 7th February 2023 · 3 mins read
UK Commercial Property Data Response S&P Global/CIPS Construction PMI (Jan.) The headline CIPS construction index showed a contraction in activity in January, with the housing index seeing a substantial decline. But the forward-looking indicators improved, with future business... 6th February 2023 · 3 mins read
UK Housing Market Data Response Nationwide House Prices (Jan.) Given very stretched mortgage affordability, it was unsurprising to see house prices continue to decline at the beginning of 2023. The fall in house prices since their peak last August grew to 3.2% as... 1st February 2023 · 2 mins read
UK Housing Market Data Response Mortgage Lending (Dec.) A further slump in mortgage approvals in December, to the lowest level since the height of the pandemic, confirmed that the extremely high cost of mortgage borrowing has caused more buyers to withdraw... 31st January 2023 · 3 mins read
UK Housing Market Data Response Credit Conditions Survey (Q4 2022) The Q4 2022 Credit Conditions Survey shows that while lenders tightened lending criteria in the aftermath of the “mini” budget, the main constraint on lending volumes was a collapse in demand due to... 19th January 2023 · 3 mins read
UK Housing Market Data Response RICS Residential Market Survey (Dec.) There was little to cheer in the December RICS survey, with prices continuing to drop and sales volumes falling further from November’s already-subdued levels. 19th January 2023 · 3 mins read
UK Commercial Property Data Response S&P Global/CIPS Construction PMI (Dec.) The headline CIPS construction index fell below 50 in December, indicating a contraction in activity, as the recession hit demand and developers’ concerns about capital values increased. With both... 6th January 2023 · 2 mins read
UK Housing Market Data Response Halifax House Prices (Dec.) The further large fall in house prices recorded by Halifax in December suggests that the house price correction is further advanced than we previously thought. Indeed, while the Nationwide figures... 6th January 2023 · 2 mins read
UK Housing Market Data Response Mortgage Lending (Nov.) The impact of the surge in mortgage rates following the “mini” budget on 23rd September was realised in November as mortgage approvals collapsed. The modest drop back in fixed mortgage rates since... 4th January 2023 · 3 mins read
UK Housing Market Data Response Nationwide House Prices (Dec.) The slowdown in house price falls in December is little comfort when leading indicators point to further sharp declines. Despite mortgage rates edging lower in recent weeks, we continue to think that... 30th December 2022 · 2 mins read
UK Housing Market Data Response Mortgage Lenders and Administrators Return (Q3 22) The detailed mortgage lending data for Q3 show that demand was resilient to rising mortgage rates at first. Loan-to-income ratios crept up despite rising financing costs. But with interest rates on... 13th December 2022 · 3 mins read
UK Housing Market Data Response RICS Residential Market Survey (Nov.) The RICS survey confirmed that there were widespread house price falls in November. Surveyors expect a further drop in prices and slowdown in transactions ahead, in line with our forecasts. 8th December 2022 · 3 mins read
UK Housing Market Data Response Halifax House Prices (Nov.) The largest monthly fall in in the Halifax house price index since October 2008 confirms that the house price correction that we forecast has begun. While mortgage rates have fallen back somewhat in... 7th December 2022 · 2 mins read
