UK House Prices Under Threat As Traders Pare Back Rate Cut Bets [BNN Bloomberg (Canada)]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: BNN Bloomberg
The property market has turned a corner this year as cheaper borrowing costs lure prospective buyers. Home asking prices rose the most in a year in April, according to data from online sales portal Rightmove, while surveyors are becoming more optimistic about new buyer demand. But a Bloomberg Economics analysis suggests the recovery is now in question as BOE officials warning of lingering price pressures have pushed up two- and five-year swap rates, used to set the bulk of mortgage products. Elevated mortgage rates could keep owning a house out of reach for many. Even if prices stay unchanged, households would still be spending a higher share of their incomes on mortgage payments than they did in the decade to 2007, Bloomberg Economics calculated. That's in contrast to earlier this year when that metric was set to fall below pre-financial crisis levels. “The housing market is at a delicate moment,” said economist Niraj Shah. “Should the recent re-appraisal of the rates outlook
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