Australia & New Zealand Data Response Australia CoreLogic House Prices (Mar.) With housing affordability the most stretched it’s been since the global financial crisis, we don’t think the uptick in house prices in March will be sustained. We’re sticking to our forecast that... 3rd April 2023 · 3 mins read
UK Housing Market Data Response Nationwide House Prices (Mar.) House prices fell for a seventh consecutive month in February, taking the total fall from their peak in August to 4.6%. With house prices still significantly overvalued in today’s higher mortgage rate... 31st March 2023 · 4 mins read
US Housing Market Update Housing market insulated from banking crisis The latest mortgage market data show that the banking crisis has, so far, had a minimal impact on the housing market. While spreads have increased, overall mortgage rates have dropped and applications... 30th March 2023 · 3 mins read
UK Housing Market Chart Pack Downturn moderates, but outlook remains challenging The partial reversal of the spike in mortgage rates following the “mini” budget has helped to stem the deterioration in housing market demand. Our measure of the average quoted mortgage rate has... 30th March 2023 · 10 mins read
UK Housing Market Data Response Mortgage Lending (Feb.) Reflecting the partial unwinding of the spike in mortgage rates following the “mini” budget, mortgage approvals rose to their highest level for three months in February. However, with mortgage rates... 29th March 2023 · 3 mins read
US Housing Market Data Response Case-Shiller/FHFA House Prices (Jan.) House prices continued to nudge lower in January, taking the total fall since their June 2022 peak to 3.0%. But with affordability still stretched, we expect price falls to continue over the coming... 28th March 2023 · 2 mins read
Canada Economics Weekly 2023 Budget unlikely to include large stimulus Despite the news this week that the population surged by more than one million last year, weak new home sales imply that construction activity will soon fall. That raises the pressure on the... 24th March 2023 · 5 mins read
UK Housing Market Update What do bank troubles mean for UK mortgage lending? Bank failures have had only a modest impact on UK banks’ wholesale funding costs to date, reflecting an assessment that lenders are in good health which we think seems fair. Greater investor scrutiny... 24th March 2023 · 3 mins read
US Housing Market Data Response New Home Sales (Feb.) The modest recovery in new home sales continued in February reflecting support from price reductions and incentives offered by homebuilders, as well as a tight existing home market pushing buyers to... 23rd March 2023 · 2 mins read
UK Housing Market Focus The impact of the end of Help to Buy on home ownership The Help to Buy: Equity Loan scheme was designed to counter an alarming drop in housebuilding and home ownership among young adults. It succeeded to some extent on both fronts, so the loss of the... 22nd March 2023 · 21 mins read
US Commercial Property Update Where does property fit into the banking turmoil? While real estate is not the main cause of the current financial turbulence, as it was in the late 2000s, it has played an indirect role and may be implicated in any further instability. And property... 21st March 2023 · 4 mins read
US Housing Market Data Response Existing Home Sales (Feb.) Existing home sales rebounded in February as buyers took advantage of falling mortgage rates. Weak mortgage applications data point to sales dropping back again in March, but with turmoil in the... 21st March 2023 · 2 mins read
US Commercial Property Update Initial US real estate takeaways from the bank collapses The direct impact on real estate of the collapse of two US regional banks over the weekend is likely to be relatively small. But we expect lending criteria to become more cautious in the short-term... 16th March 2023 · 4 mins read
US Housing Market Data Response Housing Starts (Feb.) Single-family housing starts continued their weak start to the year in February with a marginal month-on-month increase. While forward looking indicators appear to have turned a corner, homebuilders... 16th March 2023 · 2 mins read
Canada Economics Update Canada Housing Watch (Mar.) House prices fell at a slower pace in February and the sharp improvement in the sales-to-new listing ratio offers some hope that they will soon stabilise. While the turmoil in the global banking... 15th March 2023 · 4 mins read
Canada Economics Update Housing would be main casualty of SVB contagion The Canadian banking sector is heavily concentrated, reducing the risk that deposit runs at small lenders might trigger a broader crisis of confidence for the entire sector. As things stand, the... 14th March 2023 · 3 mins read