US Housing Market Data Response Housing Starts (Jan.) With mortgage credit conditions loosening, the labour market on fire and household formation strengthening, January’s decline in housing starts should soon give way to solid gains in homebuilding. 18th February 2015 · 1 min read
UK Housing Market Data Response CML Lending Trends (2014 Q4) Advances for house purchase in the fourth quarter declined compared to the final quarter of 2013, reflecting the mood of buyer caution. But the share of loans to first-time buyers is still high, and... 17th February 2015 · 1 min read
China Chart Pack New evidence of PBOC intervention to support renminbi Data for January showed Chinese banks continuing to sell FX to the non-bank sector last month. This has a few implications. First, the fact that banks were net sellers despite a record trade surplus... 17th February 2015 · 1 min read
Asia Economics Weekly Korea’s housing market recovery to continue Korea’s housing market is showing signs of recovery, supported by the fall in stocks of unsold homes, rising rents, low interest rates and supportive government policies. A stronger housing market... 13th February 2015 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Jan.) The Teranet-National Bank index shows that house price inflation slowed to 4.7% in January, from 4.9% in December, which reflects the recent softening in housing activity triggered by the slump in... 12th February 2015 · 1 min read
UK Housing Market Data Response RICS Residential Market Survey (Jan.) The housing market has made a subdued start the year, with new buyer demand as yet failing to respond to the reforms to stamp duty. But there are some other signs that sales activity is beginning to... 12th February 2015 · 1 min read
US Housing Market Chart Pack Household formation snaps back The Census Bureau’s estimate of household formation as part of its Homeownership & Vacancy Survey was a very encouraging 1.7m in 2014. Admittedly, that’s significantly above the alternative Current... 10th February 2015 · 1 min read
UK Housing Market Chart Pack House prices start the year on a stable footing The slowdown in the housing market appears to be bottoming out, helped by record low mortgage rates, rising real earnings and the reform to stamp duty. If banks respond to the increase in demand by... 6th February 2015 · 1 min read
UK Housing Market Update What are the implications of revisions to private rent data? The upwards revision to the ONS private rental data brings it closer into line with alternative measures, and so does not alter our views on the housing market. But the figures do suggest that while... 5th February 2015 · 1 min read
UK Housing Market Data Response Halifax House Prices (Jan.) House prices rose at a strong rate for the second month in a row in January, which could reflect the reform to stamp duty giving prices a boost. But while a healthy economic backdrop and record low... 5th February 2015 · 1 min read
Canada Economics Update Lower mortgage rates won't prevent housing correction Lower mortgage rates won't prevent home sales and prices falling sharply in regions directly hit by the slump in oil prices. While they might support housing activity in other key markets, we fear... 4th February 2015 · 1 min read
UK Housing Market Focus Has the housing boom run its course? We are not forecasting a return to boom conditions in 2015. However, we do think that the outlook for both house prices and housing market activity is rather stronger than is typically believed, as a... 4th February 2015 · 1 min read
US Housing Market Data Response Mortgage Applications (Jan.) The further drop in 30-year mortgage interest rates, to an 18-month low of 3.8%, is starting to be reflected in mortgage applications. Refinancing activity is set for a sustained boom, while the lift... 4th February 2015 · 1 min read
US Housing Market Data Response CoreLogic House Prices (Dec.) House price pressures came off the boil at the end of 2014, with the year-on-year rate of house price inflation at or around 5% during the final four months of the year. With the supply of homes for... 3rd February 2015 · 1 min read
UK Economics Weekly Housing market to revive just in time for the election While last week’s GDP figures confirmed that the recovery lost momentum at the tail end of 2014, we expect it to regain pace soon. One helpful development in that respect should be an end to the mini... 30th January 2015 · 1 min read
UK Economics Update Household Borrowing Monitor (Jan.) December’s household borrowing figures provided some tentative signs that we havenow reached a turning point in housing market activity. And, given the strongeconomic backdrop, household borrowing... 30th January 2015 · 1 min read
