Twindig Housing Market Index 11 Feb 23
In the week that the Halifax reported stable house prices, RICS that the UK housing market was on mute and mortgage rates fell, the Twindig Housing Market Index which measures investor confidence in the UK housing market nudged up by 0.2% to 77.3
Stable house prices
In a report that surprised many the UK's biggest mortgage lender reported that UK House prices were stable in January, whilst we would not read too much into one month's data, the 'stability' surprised all of us at Twindig Towers (and we typically see the glass more half full than half empty. We still expect house prices to fall this year, but it is certainly food for thought.
House prices themselves are at the mercy of the markets and a pundits view is of no greater or lesser value than anyone else's. If house prices are subject to the wisdom of the crowds, Mratin Lewis's house price poll this week was certainly an eye opener.
Almost one in three of the 44,212 votes cast thought house prices will be higher in one year's time.
RICS - housing market on mute
The January RICS UK Residential Market Survey (those of a nervous disposition please look away now) reported falling demand, falling supply, falling sales and falling house prices and commented that activity in the UK housing market was 'muted'. Whilst this appears gloomy, lower activity may be a good thing in the short term - with fewer moving parts, perhaps less can go wrong....
Mortgage rates falling
Mortgage rates are higher than they were, but not as high as they have been. We think that there some good news in there somewhere. The fall in rates is, in our view, indicative of greater stability in the financial markets and this supports a more orderly working of the mortgage market.