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Mortgage Lending (May)

The tick up in mortgage approvals for house purchase in May left them 33% above pre-virus norms, and timely indicators suggest that mortgage lending will remain robust despite the looming end of the stamp duty holiday.
Does the end of the holiday mean end of the boom? (1200 BST today, Tuesday 29th June): Join Chief Property Economist Andrew Burrell and Andrew Wishart, the head of our UK Housing Service, for this 20 minute Drop-In session. Register here.
Andrew Wishart Property Economist
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More from UK Housing

UK Housing Market Update

Rental growth approaching a peak

Record high rental growth at the start of the year is likely to mark a peak given signs that tenant demand is starting to ease. But strong wage growth and the rising cost of buying as mortgage rates rise mean rental growth is set to ease rather than collapse. Property Drop-In (19th May): What will rising interest rates mean for commercial property returns in the US, UK and Europe? Join our 20-minute briefing on the outlook for returns today at 10:00 ET/15:00 BST. Register now.

19 May 2022

UK Housing Market Outlook

House prices heading for a fall

If we are right that the Bank of England will have to raise interest rates to 3.00% to stamp out inflation then we are on the cusp of the fastest increase in mortgage rates since the late 1980s. That caused house prices to fall by 20%. But the tight labour market, lower loan-to-value ratios, and a lower peak in interest rates mean the drop in prices should be less dramatic this time. We expect house prices to fall by 5% over the next two years, reversing a fifth of the increase since the pandemic began.

13 May 2022

UK Housing Market Data Response

RICS Residential Market Survey (Apr.)

The housing market shrugged off the effects of rising mortgage rates and the cost-of-living crisis in April as intense competition between buyers bid up prices further. However, with mortgage rates set to increase sharply over the rest of the year, the days of the pandemic house price boom are now numbered.  

12 May 2022

More from Andrew Wishart

UK Housing Market Data Response

RICS Residential Market Survey (Jun.)

Activity and house prices were extremely strong again in June according to the RICS survey, although there was a distinct softening in the more forward-looking balances. As supply remains limited, we think that house prices will prove resilient to the inevitable dip in transactions after the stamp duty holiday.

8 July 2021

UK Housing Market Data Response

Halifax House Prices (Jun.)

While we would be wary of reading too much into the small decline in house prices in June reported by Halifax, timely measures of house prices are consistent in pointing to a moderation in house price growth.

7 July 2021

UK Commercial Property Data Response

IHS Markit/CIPS Construction PMI (Jun.)

Despite a further deterioration in the availability of building materials, construction output rose at the fastest pace since 1997 in June. That suggests output in the sector is now well above pre-virus levels.

6 July 2021
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