US Housing Market Update Bounce in high-rise demand to give way to gardens There is mounting evidence that the exodus from cities is winding down. As economies reopen, we think that cities will come back to life, bringing a wave of new demand for high-rise apartments. But... 9th July 2021 · 3 mins read
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... 8th July 2021 · 2 mins read
US Housing Market Data Response Mortgage Applications (Jun.) Home purchase mortgage applications fell back again in June, leaving them down 23% compared to the 11-year high seen in January. Tight inventory and stretched affordability are largely responsible for... 7th July 2021 · 2 mins read
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... 7th July 2021 · 2 mins read
US Housing Market Chart Pack Home demand drops as prices surge Despite mortgage rates seeing little movement in recent months, mortgage applications for home purchase have dropped to their lowest level since April last year. That implies home sales have further... 7th July 2021 · 8 mins read
UK Housing Market Chart Pack Demand shifts towards outer London London house prices have underperformed the national average over the past year as the pandemic has led to a shift in demand away from inner cities. Arguably London was due a period of weaker price... 2nd July 2021 · 6 mins read
Australia & New Zealand Data Response Australia CoreLogic House Prices (Jun.) House prices are continuing to surge and forward indicators suggest the upswing has a little further to run. But we suspect the boom will peter out by the end of the year and prices will decline a... 1st July 2021 · 2 mins read
US Housing Major Apartment Markets Outlook (Q2 2021) With cities reopening apartment demand will see a substantial rise this year, boosted by the arrival of households who delayed a move last year. Vacancy rates will fall back in all six major cities... 29th June 2021 · 8 mins read
US Housing Market Data Response Case-Shiller/FHFA House Prices (Apr.) House price growth gathered pace in April, with the annual growth rate hitting record highs on both the Case-Shiller and FHFA measures. But despite the pick-up in house price expectations, we don’t... 29th June 2021 · 2 mins read
UK Housing Market Data Response 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... 29th June 2021 · 2 mins read
UK Housing Market Data Response Nationwide House Prices (Jun.) House prices recorded a fifth consecutive monthly rise in June, the final month before the stamp duty threshold begins to return to its usual level. There are few signs of market dynamics changing... 29th June 2021 · 2 mins read
US Commercial Property Update Student accommodation not set to see a rapid rebound The student accommodation sector faces high levels of uncertainty for the fall 2021 academic year. In our view, demand for student housing will rebound from last year, but fall short of its pre... 25th June 2021 · 3 mins read
UK Housing Market Update Will soaring materials costs slow housebuilding? Inflation in the cost of construction materials has soared as resurgent new home development led to strong demand at the same time as supply was still recovering from disruption due to the pandemic... 24th June 2021 · 3 mins read
Australia & New Zealand Economics Update New Zealand - Lasting decline in saving rate would be an upside risk The surge in consumption in Q1 resulted in the savings rate falling to a 15-year low. While we expect households to respond to falling house prices with higher savings, the rebound in GDP could be... 24th June 2021 · 3 mins read
Commodities Update Timberrrrrrrr... Although we remain optimistic about the near-term demand outlook, we think that the price of US lumber will fall further in the coming months as domestic supply continues to revive. 23rd June 2021 · 3 mins read
US Housing Market Data Response New Home Sales (May) While new home sales declined in May, data for homes that are yet to start construction were stronger, as elevated construction costs caused homebuilders to delay projects. But with falling lumber... 23rd June 2021 · 2 mins read
