US Housing Market Data Response New Home Sales (Dec.) New home sales had a strong end to the year, as the record low number of existing homes on the market drove the sale of homes which were still under construction. That lack of existing supply will... 26th January 2022 · 2 mins read
US Housing Market Data Response Case-Shiller/FHFA House Prices (Nov.) Case-Shiller reported annual house price growth falling for the third consecutive month in November. And with rising mortgage rates set to stretch affordability to its worst since 2008, we expect... 25th January 2022 · 2 mins read
UK Housing Market Chart Pack London transactions outperform, but not prices The jump in transactions during the pandemic was larger in London than other regions as the market didn’t experience the same drop in supply as elsewhere. That reflected many existing homeowners... 25th January 2022 · 6 mins read
Europe Economics Update Rising house prices strengthen ECB hawks’ case Euro-zone inflation would be even further above target if owner-occupied housing costs were included in the region’s headline measure. Their formal inclusion won’t take place for a few years yet, but... 25th January 2022 · 3 mins read
Japan Chart Pack Hit to output from staff absences could be hard Skyrocketing infections and a 10-day isolation requirement for close contacts of positive cases have resulted in a wave of staff absences in Japan. Domestic carmakers already struggling with chip... 24th January 2022 · 10 mins read
US Housing Market Data Response Existing Home Sales (Dec.) Despite a 6% m/m fall in existing home sales in December, 2021 marked an impressive year for existing home sales, with sales 11% higher compared to 2020. But looking ahead, a backdrop of rising... 20th January 2022 · 2 mins read
UK Housing Market Data Response RICS Residential Market Survey (Dec.) The number of homes being listed for sale dropped again in December while demand continued to climb. As a result, we think house prices will continue to rise at pace in the near term. 20th January 2022 · 2 mins read
US Housing Market Update Key US Housing Market Calls for 2022 A rise in mortgage rates to 4.0% by end-2022, coupled with the 25% rise in house prices seen since mid-2020, will boost mortgage payments as a share of earnings to their highest since mid-2008. That... 19th January 2022 · 3 mins read
US Housing Market Data Response Housing Starts (Dec.) Single-family starts edged back in December, but they saw a 12.1% y/y rise in 2021 overall as strong housing demand and a lack of existing homes for sale supported new home sales. Rising mortgage... 19th January 2022 · 2 mins read
UK Housing Market Update The anatomy of the pandemic price boom A breakdown of house price growth over the past two years confirms that remote working has altered the nation’s housing needs. But what households can afford, rather than what they desire, will be a... 19th January 2022 · 3 mins read
UK Commercial Property Update Which assets can provide the best inflation protection? Recent data have reinforced concerns about inflation risks in the UK. We remain of the view that property investments provide only limited long-term protection against higher prices, but of the... 14th January 2022 · 3 mins read
UK Commercial Property Data Response Credit Conditions Survey (Q4 2021) The Q4 credit conditions survey suggests that, while credit conditions will remain loose, scope for lenders to absorb further increases in interest rates into their margins has run out. Drop-In: Neil... 13th January 2022 · 3 mins read
Australia & New Zealand Economics Focus Housing downturn will lead to RBNZ rate cuts in 2023 While the strength in New Zealand’s economy will cause the RBNZ to hike rates further this year, we think the RBNZ will end its hiking cycle earlier than the financial markets anticipate. What’s more... 12th January 2022 · 19 mins read
US Housing Market Chart Pack Rising mortgage rates to cool housing market in 2022 Housing market activity had a strong end to 2021, with sales and starts both rising. However, after a brief dip due to concerns over Omicron, mortgage rates resumed their upward trend and reached a... 11th January 2022 · 9 mins read
UK Commercial Property Data Response IHS Markit/CIPS Construction PMI (Dec.) The construction PMI declined last month to end the year on a negative note, more than erasing the gain made in November. Despite tentative signs that they are starting to ease, we expect labour and... 7th January 2022 · 2 mins read
UK Housing Market Data Response Halifax House Prices (Dec.) Another substantial rise in the Halifax house price index in December ensured that the lender agreed with Nationwide that the rise in house prices over the 2021 calendar year was the strongest for at... 7th January 2022 · 2 mins read
