US Housing Market Rapid Response Housing Starts (Sep. 2023) Single-family starts edged higher in September to 963,000 annualised from 933,000 in August and building permits also rose to a 15-month high. However, we don’t think this means single-family... 18th October 2023 · 2 mins read
US Housing Market Update Lower rates will allow sales to recover The surge in mortgage rates to a 23-year high has caused both buyers and sellers to withdraw from the market, and total home sales to drop to their lowest level since 2011. While we’ve revised down... 18th October 2023 · 3 mins read
UK Housing Market Update Can Labour move the dial on housing supply? Labour has made housing a major theme of its conference, and the party’s attitude towards New Towns and social housing means that the next election could prove a turning point in the structure of the... 10th October 2023 · 4 mins read
US Housing Market Chart Pack US Housing Market Chart Pack Surging Treasury yields have pushed mortgage rates above 7.5%, higher than we had anticipated. If these borrowing rates persist, lending and sales volumes could fall even further in the near term... 10th October 2023 · 1 min read
US Housing Market Rapid Response Mortgage Applications (Sep. 2023) Rising mortgage rates caused mortgage applications for home purchase to slip to a fresh 28-year low in September. With mortgage rates edging above 7.5% in the last week of the month as Treasury yields... 4th October 2023 · 2 mins read
UK Housing Market Update Homeownership increasingly unattainable Buying a first home has become increasingly difficult over the past 30 years. A high income is still essential, but other circumstances such as whether the individual is buying as part of a joint... 2nd October 2023 · 4 mins read
UK Housing Market Update Interest rate hold won’t provide immediate relief Despite ending the interest rate hiking cycle today, the Monetary Policy Committee succeeded in convincing financial markets that interest rates will remain high for some time. As market interest rate... 21st September 2023 · 3 mins read
US Housing Market Rapid Response Existing Home Sales (Aug.) The 0.7% m/m fall back in existing home sales in August reflects falling mortgage borrowing and took sales back close to the low levels recorded in January. Our view that mortgage rates will remain... 21st September 2023 · 2 mins read
US Housing Market Rapid Response Housing Starts (Aug.) Housing starts fell sharply across both the single-family and multifamily sectors in August, suggesting that construction has now reached a turning point. We expect this downward trend to continue for... 19th September 2023 · 2 mins read
US Commercial Property Update Apartment and single-family REIT divergence to persist The recent outperformance of single-family REITs versus apartment REITs appears to be down to differences in the capital value outlook for the sectors, rather than any major difference in rental... 15th September 2023 · 3 mins read
US Housing Market Update New home sales can’t defy gravity for much longer New home sales have brushed off a collapse in overall housing demand, rising 23% in the first half of 2023. More competitive pricing will be providing some support to sales, but the primary factor is... 12th September 2023 · 3 mins read
UK Housing Market Update High rates restrain lending and push up arrears The Q2 Mortgage Lenders and Administrators statistics from the Bank of England showed that higher rates are limiting lending and making it more difficult than ever for single-income households to get... 12th September 2023 · 3 mins read
US Housing Market Chart Pack US Housing Market Chart Pack With affordability stretched and the economy slowing, housing market activity is expected to remain weak over the coming quarters. While we expect house prices to lose some of their recent momentum... 7th September 2023 · 1 min read
UK Housing Market Update Real house prices hit seven-year low According to Halifax, house prices are up by 20% compared to 2019 even after their recent falls. But adjusted for inflation they slipped to a seven-year low in August. High mortgage rates point to a... 7th September 2023 · 2 mins read
US Housing Market Rapid Response Mortgage Applications (Aug.) Mortgage rates continue to weigh on demand Mortgage applications for home purchase continued to slip in August, recording the largest monthly fall since February. This latest drop has kept mortgage... 6th September 2023 · 1 min read
