UK Commercial Property Data Response S&P Global/CIPS Construction PMI (Nov.) As expected, the headline CIPS construction index retreated in November as falling demand outweighed the benefit of easing prices and an increase in the availability of contractors. As the recession... 6th December 2022 · 2 mins read
UK Housing Market Data Response Nationwide House Prices (Nov.) The 1.4% m/m drop in house prices in November was far larger than anyone expected, raising the risk that prices fall more rapidly and further in response to high mortgage rates than we forecast. 1st December 2022 · 2 mins read
UK Housing Market Data Response Mortgage Lending (Oct.) Rocketing mortgage rates led to a sharp drop in mortgage approvals in October. While quoted mortgage rates have peaked they are unlikely to fall much below 5% next year, keeping the cost of buying... 29th November 2022 · 3 mins read
UK Housing Market Data Response RICS Residential Market Survey (Oct.) The October RICS Residential survey showed that the spike in quoted mortgage rates to over 6%, a level last seen in 2008, has triggered a collapse in buyer demand comparable to that seen in the... 10th November 2022 · 3 mins read
UK Housing Market Data Response Halifax House Prices (Oct.) The 0.4% m/m fall in house prices reported by Halifax backs up the data from Nationwide that house price falls are becoming entrenched. Surging mortgage interest rates have flattened demand, as many... 7th November 2022 · 2 mins read
UK Commercial Property Data Response S&P Global/CIPS Construction PMI (Oct.) As was the case last month, an improvement in delivery times and subcontractor availability drove a surprise rise on the headline construction PMI in October. But a slowing economy and higher... 4th November 2022 · 2 mins read
UK Housing Market Data Response Nationwide House Prices (Oct.) The jump in mortgage interest rates is now being felt in house prices, with Nationwide reporting the first month-on-month fall since July 2021. House prices are now set to stay on a sustained downward... 1st November 2022 · 2 mins read
UK Housing Market Data Response Mortgage Lending (Sep.) Mortgage approvals fell in September as buyers began to adjust to rising interest rates. With further rate rises likely in the coming months, we expect this downward trend to continue and for lending... 31st October 2022 · 3 mins read
UK Housing Market Data Response Credit Conditions Survey (Q3 2023) The Q3 credit conditions survey doesn’t capture the impact of the market turmoil of recent weeks, with the deadline for responses falling a week before the “mini-budget”. Nonetheless, it shows rising... 13th October 2022 · 3 mins read
UK Housing Market Data Response RICS Residential Market Survey (Sep.) While optimists can still point to limited supply, a fifth consecutive drop in new buyer enquiries in the RICS survey in September has convinced a majority of surveyors that house prices are heading... 13th October 2022 · 3 mins read
UK Housing Market Data Response Halifax House Prices (Sep.) The 0.1% monthly fall in the Halifax house price index in September echoed the message from Nationwide earlier this week that house prices have now stalled. Given the sharp rise in mortgage rates over... 7th October 2022 · 2 mins read
UK Housing Market Data Response Mortgage Lending (Aug.) The surprise jump in mortgage approvals in August probably reflected a rush to lock in mortgage offers as interest rates surged. There is a possibility that could be repeated next month, but... 30th September 2022 · 3 mins read
UK Housing Market Data Response Nationwide House Prices (Sep.) The stall in house prices in September was little surprise given the growing downward pressure on demand from rising mortgage rates. We suspect that, despite the reduction in stamp duty announced last... 30th September 2022 · 2 mins read
UK Housing Market Data Response Mortgage Lenders and Administrators Return (Q2 22) The detailed mortgage lending data for Q2 show solid lending volumes, growing leniency on deposit sizes and income multiples, and arrears at a record low. But the ongoing adjustment to higher interest... 14th September 2022 · 3 mins read
UK Housing Market Data Response RICS Residential Market Survey (Aug.) A further deterioration in demand in August has led surveyors to accept that a fall in prices is coming. The survey is already consistent with prices falling by 2% q/q in Q4 this year, and the... 8th September 2022 · 3 mins read
UK Housing Market Data Response Halifax House Prices (Aug.) The modest 0.4% rise recorded by Halifax in August confirms that house prices have continued to increase despite the sharp increases in mortgage rates we have seen so far and growing pressure on... 7th September 2022 · 2 mins read
