UK Commercial Property Rapid Response S&P Global/ CIPS Construction PMI (Feb. 24) The headline CIPS construction PMI rose to 49.7 in February, just under the no change level. The rise was driven by the housing component, with commercial activity edging back a touch. As interest... 6th March 2024 · 2 mins read
UK Housing Market Rapid Response Nationwide House Price Index (Feb. 2024) Another sizeable monthly increase in the Nationwide house price index in February confirmed that lower mortgage rates are feeding through to higher prices. But recent increases in interest rate... 1st March 2024 · 3 mins read
UK Economics Rapid Response UK Money & Credit (Jan. 2024) January’s money and credit figures suggest the drag on consumer spending and the housing market from higher interest rates is easing, which suggests an economic recovery, at least in some sectors, has... 29th February 2024 · 3 mins read
UK Housing Market Rapid Response Halifax House Prices (Jan. 2024) The large 1.3% m/m gain in Halifax’s measure of house prices in January was the largest since June 2022, and suggests we are already almost halfway towards our forecast that house prices will rise by... 7th February 2024 · 2 mins read
UK Commercial Property Rapid Response S&P Global/ CIPS Construction PMI (Jan.) The rise in the headline CIPS construction PMI from 46.8 in December to 48.8 in January was driven by improvements in both the housing and commercial readings. (See Chart 1.) While we doubt commercial... 6th February 2024 · 2 mins read
UK Housing Market Rapid Response Nationwide House Price Index (Jan. 2024) The larger than expected +0.7% m/m gain in house prices in January (consensus: +0.1%, Capital Economics: +0.4%) reflected improving public sentiment about the economy and the housing market and... 31st January 2024 · 3 mins read
UK Economics Rapid Response UK Money & Credit (Dec. 2023) December’s money and credit figures suggest the transition from interest rates being a drag on activity to being a boost is beginning. This lends some support to our view that the economic recovery... 30th January 2024 · 3 mins read
UK Housing Market Rapid Response RICS Residential Market Survey (Dec. 23) Market was picking up even before latest slide in mortgage rates The December RICS Housing Market survey showed sales volumes rising and buyer demand recovering even before the further sizeable drop... 17th January 2024 · 3 mins read
UK Commercial Property Rapid Response S&P Global/ CIPS Construction PMI (Dec.) The rise in the headline CIPS construction PMI from 45.5 in November to 46.8 in December was driven by the increase in the housing balance, while the commercial reading fell further. Looking ahead, we... 5th January 2024 · 2 mins read
UK Housing Market Rapid Response Halifax House Prices (Dec. 2023) The big 1.1% m/m increase in the Halifax house price index confirms that falls in mortgage rates are translating into renewed increases in house prices. Given further recent falls in mortgage rates... 5th January 2024 · 3 mins read
UK Housing Market Rapid Response Mortgage Lending (Nov. 23) The rise in mortgage approvals in November was little surprise given the sharp drop back in mortgage rates since July. Given recent further falls in swap rates, mortgage rates are likely to continue... 4th January 2024 · 2 mins read
UK Housing Market Rapid Response Nationwide House Prices (Dec. 23) Unchanged house prices in December ensured that over the course of 2023 they fell by much less than forecasters had expected. With mortgage rates falling, it is increasingly likely that house prices... 29th December 2023 · 3 mins read
UK Housing Market Rapid Response Halifax House Prices (Nov. 2023) The second consecutive monthly rise in the Halifax house price index in November mirrored the increase in the Nationwide index, confirming that house prices have not only stabilised, but are rising... 7th December 2023 · 3 mins read
UK Commercial Property Rapid Response S&P Global/ CIPS Construction PMI (Nov.) The headline CIPS construction PMI barely changed in November, settling at 45.5 from 45.6 in October, and was still below the 50 “no-change” mark. The sharp fall in the commercial balance was offset... 6th December 2023 · 2 mins read
UK Housing Market Rapid Response Nationwide House Prices (Nov. 23) The further small increase in the Nationwide house price index in November was unexpected and came on the heels of an even larger rise in October. It means house prices are on track to fall by just 2%... 1st December 2023 · 2 mins read
UK Housing Market Rapid Response Mortgage Lending (Oct. 23) With mortgage rates easing, the rise in mortgage approvals in October confirms that the trough in mortgage approvals is behind us. But with mortgage rates unlikely to fall much below 5% until the... 29th November 2023 · 3 mins read
