US Data Response Negative Equity (Q3) The fall in the proportion of homeowners in negative equity in the third quarter offers little comfort since it was driven by foreclosures rather than a rise in prices. The second downward leg in... 13th December 2010 · 1 min read
UK Housing Market Update Should the shift towards repayment mortgages be welcomed? The increased share of first-time buyers on repayment mortgages should be welcomed. The high level of interest-only lending during the boom years contributed to the unsustainable gap that opened up... 10th December 2010 · 1 min read
China Economics Update Strong credit growth stokes expectations of tightening Today’s data showing continued rapid lending and very strong import growth will do nothing to calm market concerns that monetary policy in China is falling behind the curve. A rate hike seems imminent... 10th December 2010 · 1 min read
UK Data Response Halifax House Prices (Nov.) The underlying downward trend in house prices on the Halifax measure accelerated in November. With the debate as to whether house prices are falling settled, the issue now is how severe future falls... 9th December 2010 · 1 min read
UK Housing Market Chart Pack Second leg of the correction will continue in 2011 (Dec 10) Most measures of housing market activity worsened last month. Given that economic growth is likely to be sluggish and a fresh rise in unemployment is on the cards, we do not expect activity levels to... 6th December 2010 · 1 min read
US Economics Update Rebound stalls The housing market recovery appears to have stalled before it even really began. Home sales fell back in October and the renewed downward trend in prices appears to have gathered pace. This is all... 2nd December 2010 · 1 min read
US Housing Market Chart Pack Rebound stalls The housing market recovery appears to have stalled before it even really began. Home sales fell back in October and the renewed downward trend in prices appears to have gathered pace. This is all... 1st December 2010 · 1 min read
UK Housing Market Data Response RICS Lettings Survey (Oct.) Strong tenant demand and a shortage of property for rent combined to push residential rents up for the third consecutive quarter. Yet the lack of buyer demand, growing expectations for further house... 1st December 2010 · 1 min read
UK Data Response Nationwide House Prices (Nov.) The underlying downward trend in house prices on the Halifax measure accelerated in November. With the debate as to whether house prices are falling settled, the issue now is how severe future falls... 1st December 2010 · 1 min read
UK Data Response Housing downturn another blow for consumer spending The recent renewed falls in house prices have revived the long-standing debate about the effect of the housing market on consumer spending. We stand by our long-held view that there is a strong link... 1st December 2010 · 1 min read
UK Economics Focus Housing downturn another blow for consumer spending The dominant themes of this Statement come not from the Chancellor but from the OBR. It now paints a pretty gloomy picture of the immediate economic outlook. Even so, we think its forecasts are not... 30th November 2010 · 1 min read
US Data Response Cons. Confidence (Nov.) & Case-Shiller House Prices (Q3) The rise in consumer confidence in November is not consistent with a sustained acceleration in consumption growth at a time when income growth is weak, the unemployment rate is high and a double dip... 30th November 2010 · 1 min read
UK Data Response Mortgage Lending (Oct.) The sixth consecutive monthly fall in mortgage approvals for house purchase underlines the message that the mortgage market is severely depressed. We expect it to remain that way throughout 2011. 29th November 2010 · 1 min read
UK Housing Market Data Response Land Registry Repeat Sales Index (Oct.) The second consecutive monthly drop in the Land Registry measure of house prices is further evidence that the devaluation is becoming more embedded. The fact that house prices are still overvalued... 26th November 2010 · 1 min read
US Data Response FHFA House Prices (Q3) & New Home Sales (Oct.) The US economy once again has to contend with a faltering housing market, in which both prices and activity are falling. Thankfully, this second downward leg should be shorter and less severe than the... 24th November 2010 · 1 min read
UK Housing Market Focus How much bigger will the private rented sector get? Over the next three to five years, we think that the most likely scenario is that the private rented sector (PRS) continues to expand. By 2015, it is plausible that 16% or even 17% of households will... 24th November 2010 · 1 min read
