Debt-to-income ratio key for house price outlook

With mortgage rates set for a period of stability over the next couple of years changes in credit conditions, and in particular debt-to-income ratios, will be an important driver of house prices. Given the GSEs have been instructed to act countercyclically, and with banks gradually tightening their mortgage lending standards, we doubt an acceleration in house price growth is on the cards in 2020.

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