US Housing Market Data Response Case-Shiller House Prices (Dec.) December marked the fourth consecutive month during which house prices rose by at least 0.5% m/m. The slight acceleration in price growth at the end of last year reflects the tightening in housing... 24th February 2015 · 1 min read
US Housing Market Data Response Existing Home Sales (Jan.) The drop in home sales at the start of 2015 is not a sign that the (admittedly lacklustre) housing recovery is coming off the rails. Strong employment growth and signs that wage growth will soon... 23rd February 2015 · 1 min read
UK Economics Chart Pack Retail sales recovery to remain robust Although retail sales volumes were a whopping 5.4% higher in January than a year ago, this does not have the hallmarks of an unsustainable boom. The average price of retail purchases has fallen by... 20th February 2015 · 1 min read
UK Housing Market Data Response Housebuilding (Q4) Despite the Government pumping £1.75bn into the industry via Help to Buy equity loans, housing starts dropped for the second consecutive quarter at the end of 2014. But with early signs that housing... 19th February 2015 · 1 min read
US Housing Market Data Response Housing Starts (Jan.) With mortgage credit conditions loosening, the labour market on fire and household formation strengthening, January’s decline in housing starts should soon give way to solid gains in homebuilding. 18th February 2015 · 1 min read
UK Housing Market Data Response CML Lending Trends (2014 Q4) Advances for house purchase in the fourth quarter declined compared to the final quarter of 2013, reflecting the mood of buyer caution. But the share of loans to first-time buyers is still high, and... 17th February 2015 · 1 min read
China Chart Pack New evidence of PBOC intervention to support renminbi Data for January showed Chinese banks continuing to sell FX to the non-bank sector last month. This has a few implications. First, the fact that banks were net sellers despite a record trade surplus... 17th February 2015 · 1 min read
Asia Economics Weekly Korea’s housing market recovery to continue Korea’s housing market is showing signs of recovery, supported by the fall in stocks of unsold homes, rising rents, low interest rates and supportive government policies. A stronger housing market... 13th February 2015 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Jan.) The Teranet-National Bank index shows that house price inflation slowed to 4.7% in January, from 4.9% in December, which reflects the recent softening in housing activity triggered by the slump in... 12th February 2015 · 1 min read
UK Housing Market Data Response RICS Residential Market Survey (Jan.) The housing market has made a subdued start the year, with new buyer demand as yet failing to respond to the reforms to stamp duty. But there are some other signs that sales activity is beginning to... 12th February 2015 · 1 min read
US Housing Market Chart Pack Household formation snaps back The Census Bureau’s estimate of household formation as part of its Homeownership & Vacancy Survey was a very encouraging 1.7m in 2014. Admittedly, that’s significantly above the alternative Current... 10th February 2015 · 1 min read
UK Housing Market Chart Pack House prices start the year on a stable footing The slowdown in the housing market appears to be bottoming out, helped by record low mortgage rates, rising real earnings and the reform to stamp duty. If banks respond to the increase in demand by... 6th February 2015 · 1 min read
UK Housing Market Update What are the implications of revisions to private rent data? The upwards revision to the ONS private rental data brings it closer into line with alternative measures, and so does not alter our views on the housing market. But the figures do suggest that while... 5th February 2015 · 1 min read
UK Housing Market Data Response Halifax House Prices (Jan.) House prices rose at a strong rate for the second month in a row in January, which could reflect the reform to stamp duty giving prices a boost. But while a healthy economic backdrop and record low... 5th February 2015 · 1 min read
Canada Economics Update Lower mortgage rates won't prevent housing correction Lower mortgage rates won't prevent home sales and prices falling sharply in regions directly hit by the slump in oil prices. While they might support housing activity in other key markets, we fear... 4th February 2015 · 1 min read
UK Housing Market Focus Has the housing boom run its course? We are not forecasting a return to boom conditions in 2015. However, we do think that the outlook for both house prices and housing market activity is rather stronger than is typically believed, as a... 4th February 2015 · 1 min read
