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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: CalculatedRisk who wrote (14790)	11/4/2004 9:06:34 AM
From: mishedlo	Read Replies (1) of 116555

UK housing market still on course for gentle slowdown - CML Thursday, November 4, 2004 12:49:04 PM afxpress.com LONDON (AFX) - The UK housing market is still on course for a gentle slowdown, despite signs of falls gathering pace, the Council of Mortgage Lenders said "While the market is clearly weakening, economic fundamentals remain firm and the balance of probabilities remains firmly in favour of a gentle slowdown," it said The comment comes in the wake of data from the two main gauges of housing market activity showing price falls in October. The monthly house price index from HBOS PLC unit Halifax found that house prices slipped 1.1 pct in October from the previous month for an annual rise of 18.5 pct The drop was even steeper than the recent equivalent house price index from Nationwide Building Society, which showed a fall of 0.4 pct in October from September for an annual increase of 15.3 pct "All market indicators are now pointing towards a more subdued phase. Some indicators are showing significant declines, but this is because they are being compared with a particularly buoyant period," CML said In the meantime, other survey data out today revealed that the labour market remains tight while pay pressures are rising. At the same time, the central bank decided to keep interest rates unchanged at 4.75 pct. These factors are likely to underpin overall economic growth and prop up demand for houses

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