US Housing Market Chart Pack Soaring prices and lack of supply weigh on activity Mortgage rates have been stable at close to record lows since mid-July, but that hasn’t prevented a decline in housing demand. New home sales are down 28% from their peak last year and while existing... 9th September 2021 · 9 mins read
UK Housing Market Data Response RICS Residential Market Survey (Aug.) While demand continued to soften in August limited stock on the market points to house price inflation remaining high in the near term. And despite the end of the stamp duty holiday, surveyors expect... 9th September 2021 · 2 mins read
UK Housing Market Data Response Halifax House Prices (Aug.) While annual house price inflation cooled from 7.6% to 7.1% in August according to Halifax, the solid gain in house prices on the month confirms that the housing market is weathering the winding down... 7th September 2021 · 2 mins read
UK Commercial Property Data Response IHS Markit/CIPS Construction PMI (Aug.) The further easing in the construction PMI in August was due to materials shortages rather than any softening in demand. In view of the wider interest, we are also sending this UK Commercial Property... 6th September 2021 · 2 mins read
UK Housing Market Update End of policy support doesn’t pose much risk While the furlough scheme was critical in preventing the COVID-19 recession from dragging down house prices, we don’t think that the withdrawal of the scheme poses much of a risk. Meanwhile, the... 2nd September 2021 · 3 mins read
US Housing Market Data Response Mortgage Applications (Aug.) With the share of households seeing now as a good time to buy at a record low, home purchase mortgage applications fell for the fifth consecutive month in August, leaving them down 25% from January’s... 1st September 2021 · 2 mins read
Nordic & Swiss Economics Focus Riksbank to take a chance on “QT” next year Housing market valuations in Sweden are even more stretched than on past occasions when the Riksbank has “leant against the wind” – that is, set policy tighter than needed to contain consumer price... 1st September 2021 · 17 mins read
UK Housing Market Data Response Nationwide House Prices (Aug.) The unexpectedly large rise in house prices in August is yet another reason to think that house price growth will shrug off the end of the stamp duty holiday. It also suggests our forecast that house... 1st September 2021 · 2 mins read
Australia & New Zealand Data Response Australia CoreLogic House Prices (Aug.) The drag from the current lockdowns on the housing market won’t last, but we expect house price growth to slow in earnest next year as affordability constraints bite. 1st September 2021 · 2 mins read
US Housing Market Data Response Case-Shiller/FHFA House Prices (Jun) House price growth surged above 18% y/y in June, setting record highs on both the Case-Shiller and FHFA measures. However, demand has fallen back since the start of the year, and the timelier Common... 31st August 2021 · 2 mins read
UK Housing Market Data Response Mortgage Lending (Jul.) Mortgage approvals continued to fall back in July as the stamp duty holiday was tapered, but they remained above pre-COVID-19 levels. Timely indicators suggest that demand will be resilient even when... 31st August 2021 · 2 mins read
Canada Economics Weekly Housing proposals unlikely to amount to much Housing has emerged as one of the key issues in the federal election campaign but, even if some of the latest proposals are implemented, we doubt that they would have much impact on house prices. 27th August 2021 · 6 mins read
US Housing Market Update How vulnerable are house prices to a rise in rates? Our forecast for mortgage rates to rise to 4.2% by end-2023 will help slow house price gains, but we don’t think that increase will be enough to cause an outright fall in values. And with homes not... 26th August 2021 · 3 mins read
UK Housing Market Chart Pack Robust demand and limited stock to support prices The housing market cooled in July as the stamp duty holiday began to unwind. Newly agreed sales and buyer enquiries dropped back, annual house price growth began to stabilise, and transactions fell... 25th August 2021 · 8 mins read
US Housing Market Data Response New Home Sales (Jul.) After a run of declines, new home sales eked out a small gain in July. The recent weakness in sales data likely reflects homebuilders restricting sales as they try to catch-up with the surge in demand... 24th August 2021 · 2 mins read
US Housing Market Data Response Existing Home Sales (Jul) Existing home sales surprised on the upside in July, rising for the second consecutive month. But with demand easing and inventory at record lows, we doubt this is the start of a resurgence. Instead... 23rd August 2021 · 2 mins read
