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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Knighty Tin who wrote (12204)9/24/2004 10:21:28 AM
From: mishedlo   of 116555
 
UK housing boom is over as prices fall for third successive month - Hometrack
Friday, September 24, 2004 9:32:50 AM

LONDON (AFX) - Higher borrowing costs have taken their toll on the UK housing market as a closely-watched survey proclaimed the end to the boom

The monthly national survey from Hometrack, a property website, found that average prices across the country fell by 0.3 pct in September, with the largest falls occurring in and around London

"Rising interest rates and reducing consumer confidence in the future health of the housing market have taken their toll for the third month running," said John Wrigglesworth, Hometrack's housing economist

"The housing boom is now well and truly over," he added

Hometrack identified that an excess supply of properties in the market has increased sharply this month, with the number of buyers registered with estate agents falling by 5 pct, following the 4 pct declines in the previous two months

In light of the three monthly declines, Hometrack has reduced its 2004 house price inflation forecast to 3 pct from 5 pct and is now predicting unchanged prices in 2005

Today's data may further cement expectations that the Bank of England may have done enough to choke off inflationary pressures stemming from rampant consumer demand, particularly in the housing market

The market now reckons that interest rates are near their peak, with probably one more hike likely to be delivered this November

That would take the central bank's key repo rate up to 5.00 pct

fxstreet.com
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