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CREDIT MACRO: UK House Price Data Solid: Absence Of A Negative

CREDIT MACRO
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Halifax house price index is out this morning showing a solid uptick in demand. Whilst rarely a spread driver for bank credit, at least this is an absence of a negative which is, perhaps, important, in these markets.

  • UK house prices rose 0.8% in July after having broadly done nothing since Jan-24. This has driven the annual rate of change back to 2.3%, the joint highest print in at least the last year.
  • The BoE only cut rates last week, so the lagged effect of that won’t be felt in these figures so this appears to leave us well set into the traditional Summer selling season. 
  • Quarterly transaction data from HMRC, traditionally a good forward indicator, was also positive (+7.3%) for 2Q24, as quoted by Halifax.
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Halifax house price index is out this morning showing a solid uptick in demand. Whilst rarely a spread driver for bank credit, at least this is an absence of a negative which is, perhaps, important, in these markets.

  • UK house prices rose 0.8% in July after having broadly done nothing since Jan-24. This has driven the annual rate of change back to 2.3%, the joint highest print in at least the last year.
  • The BoE only cut rates last week, so the lagged effect of that won’t be felt in these figures so this appears to leave us well set into the traditional Summer selling season. 
  • Quarterly transaction data from HMRC, traditionally a good forward indicator, was also positive (+7.3%) for 2Q24, as quoted by Halifax.