Europe Economics Update Spain’s housing recovery will be painfully slow While the recent rise in Spanish house prices is another encouraging sign for the economy, we expect the housing recovery to be extremely slow. The Spanish economy still needs to undergo a painful... 9th December 2014 · 1 min read
US Housing Market Chart Pack Any rebound in house price inflation will be temporary Tighter supply conditions suggest that the moderation in house price inflation may be about to go into reverse. So, too, do solid rates of economic growth and job creation as well as tentative signs... 9th December 2014 · 1 min read
UK Housing Market Data Response Mortgage Lenders and Administrators Statistics (Q3) The growth in mortgage lending has slowed, as new regulations have led to a decline in the share of high loan-to-value and loan-to-income mortgages. But alongside a further fall in the share of... 9th December 2014 · 1 min read
Canada Economics Update Elevated pace of home building adding to risk of bust The recent strength in residential building permits relative to housing starts indicate that the pace of home building may accelerate over the near-term. But that only adds to our concern of a... 8th December 2014 · 1 min read
UK Housing Market Update Measuring the affordability of buying a home The share of income a new buyer spends on their mortgage is an obvious way to measure housing affordability. But whether it is calculated using average house prices and incomes, or mortgage lender... 8th December 2014 · 1 min read
UK Housing Market Focus Are homeowners more sensitive to rising rates than in the past? Although homeowners are currently carrying a lot of mortgage debt, compressing mortgage spreads and an expected concurrent increase in incomes means that they are not notably more sensitive to a rise... 5th December 2014 · 1 min read
UK Housing Market Data Response Halifax House Prices (Nov.) House price gains have continued to cool according to the Halifax, reflecting the earlier drop in demand growth. The cut in stamp duty announced by the Chancellor yesterday will give house prices a... 4th December 2014 · 1 min read
UK Economics Focus Autumn Statement 2014: Staying the course This was a budget in all but name – and a pre-election one at that. It was designed to be attractive to voters in the here and now, while not taking any risks with the public finances. 3rd December 2014 · 1 min read
UK Housing Market Update Chancellor announces major changes to Stamp Duty Land Tax Reforming Stamp Duty Land Tax from a slab to a graduated system is certainly an improvement, and should give a short-term boost to housing transactions. But it will also give another boost to... 3rd December 2014 · 1 min read
US Housing Market Data Response Mortgage Applications (Nov.) The low level of mortgage interest rates, signs of an easing in credit conditions and steady gains in employment have yet to be reflected in the data for mortgage applications. But we are optimistic... 3rd December 2014 · 1 min read
US Housing Market Focus CoreLogic House Prices (Oct.) October’s CoreLogic index does not fundamentally alter the picture of moderating house price pressures. And with housing more or less fairly valued, and the cost of borrowing set to rise, a period in... 2nd December 2014 · 1 min read
US Housing Market Focus Will higher interest rates choke off the housing recovery? Housing will be affordable and a touch undervalued even by the end of 2016, despite the prospect of interest rates rising over that period. The upshot is that the recovery in the housing market will... 1st December 2014 · 1 min read
UK Housing Market Data Response Mortgage Lending (Oct.) In line with the earlier BBA data, the Bank of England reported a further fall in mortgage approvals for house purchase in October. But with a strong economy and falling mortgage rates boosting... 1st December 2014 · 1 min read
UK Housing Market Data Response Nationwide (Nov.) & Land Registry (Oct.) House Prices Both the Nationwide and Land Registry reported a further cooling in underlying house price inflation in November and October respectively. With housing demand contracting, house price gains should... 28th November 2014 · 1 min read
China Chart Pack PBOC may be resuming FX intervention There are tentative signs that the People’s Bank (PBOC) has resumed currency intervention. Foreign exchange purchases by all financial institutions, a proxy for purchases by the PBOC, turned positive... 27th November 2014 · 1 min read
US Housing Market Data Response New Home Sales (Oct.) The modest increase in new home sales in October, which only occurred because September’s reading was itself revised downwards, is consistent with a subdued new homes market. Nevertheless, with credit... 26th November 2014 · 1 min read
