What's really going on with property prices? We decipher the data on the UK housing market #136

EP136 : Once again I'm joined by property expert Eyeedul Haque to discuss the recent data on the UK property market, with a focus on recent developments related to mortgage rates, inflation and property prices.

We discuss:
- Mortgage payments are set to increase by £500 for approximately 1m households.
- The Bank of England's interest rate has reached a 15-year high at 5.25%.
- Inflation stands at 8.7%, and the government aims to reach a 2% target.
- Effectiveness of the monetary policy in dampening inflation, noting that it might be causing inflationary pressures.
- Rental market is seeing significant rent increases due to rising costs in the economy.
- Prediction that interest rates will likely hit 6% by the end of the year, with some sources suggesting rates may reach 6.5%.
- Housing market is not experiencing a hard landing or freefall but rather a levelling off.
-  Continued shortage of new homes.
- New 100% mortgages aimed at first-time buyers suggest confidence.

Key moments:
1:37- Nicole asks about the proportion of the market represented by the 2 million mortgages affected by refinancing this years. Eyeedul explains that 2.4 million households with fixed-rate mortgages will be affected by the end of 2024, which is about a third of mortgage holders.
3:13 - Discussion about the recent increase in interest rates, reaching the highest level in 15 years. The Bank of England's efforts to control inflation, which stands at 8.7%.
4:54 - Eyeedul explains how rising interest rates impact various aspects of the economy, including rents, and predicts that monthly mortgage repayments on average will increase by £500.
7:42 - Rent prices have been increasing, with national rents up by 10% and London rents up by 14.6%. The trend continues with a 10% increase nationally and 9.3% in London.
8:24 - Speculation that interest rates could hit 6% or possibly even 6.5% by the end of the year.
9:50 - Despite some forecasts predicting declines, Eyeedul notes that actual house price decreases have been less severe.
11:22 - Eyeedul explains that the housing market may enter a flat phase for the remainder of 2023.
12:42 - The introduction of 100% mortgage products by some banks suggests confidence in the housing market's stability.
22:45 - Key takeaways: House prices are not in freefall, but rather experiencing a bottoming out. Rents continue to rise due to interest rates and inflation. Interest rate increases are expected to stabilise and peak.
23:47 - Predictions for the future: Eyeedul predicts that house prices will flatline for the remainder of the year, with opportunities for buyers, and advises investors to consider areas with more stable property values.
26:47 - Rental increases and capital value growth assumptions used for modelling, indicating a 5% annual increase for both.

My special guest is Eyeedul Haque, a seasoned expert on housing economics and  an insightful commentator on the trends shaping the current housing market. As an experienced property consultant, he has a steady finger on the pulse of market fluctuations and how they impact homeowners, particularly in relation to mortgage payments. His approach is rooted in real-time data analysis and clear, understandable insights, making him a trusted voice on promptly evolving economic scenarios. He applies this passion in guiding property buyers through the intricacies of market trends and property management.

Transcript

7 (41s):

Nicole, good morning. Very timely indeed. BBC headline has just come out 15 minutes ago, mortgage

payments set to jump by 500 pounds for 1 million households. So that is news as it came in just now on

bbc.co UK.

8 (60s):

And that's the 12th of July that we're recording this at about 10:40 AM So that's really timely because

welcome back to the podcast. It's been a while. What I noticed is that since our last podcast in December,

my podcast was being downloaded hundreds of times, And, it was this particular one that people were

interested in what is going on with UK property prices. So it's interesting that, that that news flash has just

come out. Do we have any idea of what proportion of the market that 2 million mortgages represents?

7 (1m 37s):

Yeah, a a again, the source of data is, is straight from the Bank of England. So when you, the devil is always

in a detail, what is happening is there's 2.4 million householders or people with mortgages, which their fixed

rate period is going to end by the end of 2024. And that equates to 800,000 people for the remainder of

2023. Quite interestingly, I did some research in terms of what, what number of people does this actually

represent In the UK, there's just shy of 25 million homes or what they call individual dwellings. And 32% of

those are owned with people with no mortgage.

7 (2m 18s):

And then 28% of those actually have a mortgage, of which 86% of those opt for a fixed interest rate of two

year, three year, or five year as they're the most popular options. You then have 20% of those homes are

actually in the rental sector and 17% of the homes are what they classify as social housing. So they're

owned by local authorities. So in terms of the 86% of people which are on fixed rate mortgages, that is 7

million people across all households and what the bank's latest figures are, cause all the kind of Lenders

have to return their annual returns to the Bank of England is, yeah, there's 2.4 million people which will be

affected by the end of 2024.

8 (3m 9s):

So that's about a third off the top of my head.

7 (3m 12s):

Yeah.

8 (3m 13s):

Yeah, I, that's interesting. And, and we're seeing this in a backdrop whereby interest rates have hit a 15 year

high, isn't that correct?

7 (3m 24s):

That is correct. So interest rates, as you know, have, they've increased consecutively for the, for 13 times.

So interest rates now stand or the Bank of England rate stands at 5%, which is the highest it's been for 15

years. And when that translate to mortgage rates, mortgage rates are slightly higher on two year and five

year fixed rate deals. But Lenders do try to anticipate what the Bank of England is going to do next. And the

bank, what they're trying to do is to gain grip on inflation, which currently stands at 8.7% and the government

and the Bank of England are trying to reach the target of 2% no matter what.

8 (4m 6s):

That's a big jump, isn't it? And how effective do you think that this Monetary policy is in dampening inflation?

7 (4m 14s):

Monetary policy is actually working, if anything, my personal opinion is it's actually creating inflation pressure

across the economy by interest rates actually going up. If you look at the rental market for example, interest

rates actually increase on by let mortgages, other costs in the economy are also rising. Landlords are forced

to increase their rents that they actually charge tenants. Similarly, people with mortgages, if their mortgage

rates are increasing, the BBC is saying that monthly repayments on the average mortgage will increase by

500 pounds a month.

7 (4m 54s):

Naturally people's costs are increasing. Contractors, employees will go to employer and say, we need a pay

rise to cover some of these costs. So, it kind of creates a perverse situation where costs in economy will

actually increase and most employers businesses will put this cost onto the end consumer. So the Monetary

policy here, I don't think is working. It's a very blunt instrument, And, it will take about 18 months to two years

to find out is it actually working in terms of slowing down the rate of inflation. And the main reason is this

time round is the inflation isn't caused by consumer spending. It's caused, this is the kind of the fallout of the

quantitative easing caused by covid.

7 (5m 38s):

It's increase in fuel prices, the war and what we, you know, what we might call external factors rather than

people like you and I going out and shopping and and having home extensions. So I do feel it will, it's a bit

unfair towards the end consumer and the time will tell, but I think it's too late for the Bank of England to

increase rates by what they have to try and curb inflation. What they could have done is started a whole six

months or 12 months earlier rather than creating this kneejerk reaction, which they seem to be doing. Now

8 (6m 9s):

We have another factor within all of this too, and that is a labor Shortage and a strong labor market. And I

know that was one of the comments that the head of, I think it was nationwide, commented on the fact that

unlike in other recessions where the market was shedding jobs, were actually in a very strong market where

the, where we have a labor Shortage and So, it does mean that, as you say, this contributes to inflation

because employees have the power to go to their employers and say, you've, you've gotta make this right for

me. My cost of living, my mortgage has doubled, so what are you gonna do about it? Or I'm gonna go

elsewhere. And that seems to be an added, an added impact at this time that's unique to this particular

situation.

7 (6m 56s):

Yeah, And it is totally that in terms of, yeah, costs are increasing and wage demands will be increasing. I'll go

back to the rental market as well. Cause the, the figures at the beginning of the year in January were rents

nationwide are increasing by 10% and then in London they're increased by 14.6%. So that is just, you know,

rents in London, increasing rents nationally increasing. And even when you look at the June figures, so six

months on national rents on in residential market have increased by 10% and 9.3% in London. And this is

the fact of increased costs in economy will result in increase in the, the, the cost of renting and this will also

affect commercial rents as well.

7 (7m 42s):

And as a result, there's extra cost in the economy that's gotta be paid for by somebody. So again, it, it kind

of, there's lots of different factors at play, but costs are increasing. So Monetary policy may not be the only

tool that you know should be used.

8 (7m 59s):

So the big question now is how much further do interest rates have to go? Now I note that in your recent

note you said that you think maybe one more increase. I looked at the forecasts, the blended forecast is

about 5.96 across all the economists in the market, which would suggest maybe another two increases.

What's your view and why? Yes,

7 (8m 24s):

So they'll, what did happen last month when interest rates increased is the, the forecasters and, and the

Lenders were expecting interest rates to increase by 0.25%. And actually what did happen is the Bank of

England made a step change and increased it by 0.5%. Go, hence the interest rates are now at 5%. So

there's potential for another two interest rates to actually hit the economy before the end of the year. So I

believe interest rates will probably hit 6% by the end of this year. That's the Bank of England rate. Also,

some, some of the commentators within the industry are saying interest rates may hit 6.5%.

7 (9m 8s):

But what they are doing is looking at various different economic models and looking at the key factors that

come out in terms of the inflation figures, unemployment figures to work out different scenarios. But our

in-house view is, yeah, rates will peak at 6% by the end of this year. And hoping they're not going too much

higher than that as well.

8 (9m 28s):

That seems to be the consensus from what I've seen. And that will lead to even further pressures on

household incomes, which again, we'll see that will, how that will play out. So let's, let's move on to your

monthly update. Yeah. And house prices themselves, it's not all doom and gloom, is it?

7 (9m 50s):

It's, it's not doom and gloom at all. And what I like to is take us back to the beginning of the year. So that's

when we did a last catchup and what was quite interesting is all these kind of the Knight francs, the ss, the

OBR came out with different predictions of which not really any of them have come true. And I'm ever the

optimist in terms of, you know, glass half full. But when we look at savis savis were saying prices would

come down 10% nationally by the end of 2024. Knight Frank was saying they'd come down 5% in 2023.

Capital economics, they said prices would come down 8.5% this year. What has actually happened, when

you look at the annual figures, when we look at the nationwide, nationwide is saying the annual rate of

growth has slowed.

7 (10m 35s):

And they're saying prices have come down 3.4% consecutively over the last three months. Halifax, they've

gone down minus 1.1%, but the previous two months they still were positive. Rightmove is reporting house

price growth of 1.1%. The ONS, which of the government figures is, are saying that prices have increased

year on year 3.5% and London they've increased at 2.4% over the last 12 months compared to the January

figures. ONS was saying nationally prices were still increasing at 10% a year in London 6.3% a year. My

view at the beginning of the year was we'd enter a flat market for the rest of 2023.

7 (11m 22s):

And I think that is what is actually has happened so far. Cause again, we have to go with the official figures,

which are the actual land registry data and you know, they're, they're still saying prices have increased 3.5%

over the last 12 months. What has happened is the rate of growth has slowed, but it's no way near, you

know, the, the Knight francs and the s with their very negative forecasts. That's a huge positive. And

whenever we, we talk about news headlines like I I know for example the BBC headline today, that is an

attention grabbing headline to, you know, put a bit of fear into all of us. There are mitigators, which we, we

can all do as mortgage holders in terms of reducing the impact of mortgage rate rises cuz it will affect

everyone with the mortgage.

7 (12m 8s):

But the situation in the housing market is not as severe as the headlines would suggest. And the main

reason was I was saying 32.6% of people do not have a mortgage. Some people are on longer term fixed

rate mortgages. So if we are saying 2.4 million people will end their fixed rate mortgage by the end of next

year. Others have just recently taken out fixes. Yeah, considerably hire them when they initially took out a

mortgage, they might be paying 4%, but it's a lot lower than the average fixed rate, which is about 6% today.

8 (12m 42s):

Yeah. So as we said right at the beginning, it's about a third of the mortgage mortgage holder market, which

makes up a small, a smaller percentage of the actual homeowner. We don't think about that, do we? We

just, we tend to think, well I do it at least that the majority of the market are home, are mortgage holders, but

that's not the case. And so these, these headlines only do pertain to a very small part of that market and we

need to keep that in mind when it comes to the Stability of the housing market. Were there any things within

your report that stood out as something you weren't expecting?

7 (13m 25s):

No, the, the only thing that did come out that was the bank increasing the rate by more than 0.25%. So that

did normally Lenders price that into their, their mortgage products. So 0.5% increase did take some of the

market by shark. The reason was the inflation rate for the month before. So in April, I believe It inflation in

the UK hit 8.7% and they're expecting inflation in may to drop. What did happen is came out exactly the

same as 8.7%, which is why like England chose to go for a slightly larger increase than, than was predicted.

7 (14m 5s):

You've gotta bear in mind the Lenders will have a pot of money which they are seeking to lend to existing

people with mortgages and also new applicants as well. But what they will try and do is now they'll probably

factor in rates may hit 6.5% by the end of the year, but the mortgage market is still competitive, which is why

I say those with a mortgage up to six months before the end of a fixed rate period, you should Consult your,

your lender or mortgage broker and see what rates are available and you can book that rate so when your

fixed rate does end, you can then get the best rate available under today's market. And it's, it's quite

interesting that when we do look at mortgages, I have written them these down just before we joined the call,

although the average two year fixed rate is in a region of 6%, the best available rate on two years is 5.49%.

7 (14m 59s):

the best five year fix is 4.99% and a two year tracker is 4.7%. So all three of those are considerably well

below the 6% average, which is quoted in in the media. When you look at Landlords, as you know, my

Property consultant, we advise on people with property portfolios, people looking to generate wealth with

ettes, the best ette rate on two years is 4.7%. the best five year fix is 5.35% and the best tracker is 4.54%.

So again, all of those are well below the average rate, which is touted around in media, which is 6%. The

caveat will be, it depends on the size of your portfolio designs on the size of your deposit and also your

credit rating as well.

7 (15m 47s):

But the advice is yes, always speak to a reputable mortgage broker when selecting which product to select

going forwards.

8 (15m 56s):

That's a very interesting downward slope to the yield curve, isn't it? So that that demonstrates that these

banks that are offering the fix the two year fix, was it for four point, was it four point something percent?

They're expecting a very dramatic drop within the yield curve over the next couple of years. So that's, that's

really interesting given the forecasts. And I guess what we've gotta also remember is that what you've

mentioned in passing in that these Lenders have got, they're sitting on cash and like us, if we're sitting on

cash in the bank at the moment, it's being eroded in real terms by interest and they also wanna get that

money lended out.

8 (16m 37s):

So there is competition within the market. An interesting point that was raised in your report is that I believe

from memory the the number of mortgages being approved is down considerably as well. So that will then

increase the Urgency of Lenders to get their money working for them, which may mean that they're being

more competitive. Is this, is this right?

7 (16m 58s):

Yeah, it is, right. The, the level of m r RRC transactions recorded, so this is people buying and selling houses

is 25% lower than this time last year. So yeah, the housing market is slowing down, which basically means

that the banks will remain competitive and each of them to be Frank are fighting for market share. Other

news headlines we've seen this week is the government and the watchdogs are speaking to the banks why

they're not passing on interest rate rises to savers. So the banks could be accused of profiteering in terms of

charging relatively high amounts for the mortgages but not passing on the interest rate rises to their savers.

7 (17m 40s):

So there will be excess capital that these Lenders have and they're ready to deploy to ensure that the

mortgage market is, is or remains buoyant.

8 (17m 49s):

Yeah, that's right. One interesting point I noticed and pat this perhaps this is something for your report going

forward, IL is the, the gap between the Rightmove ONS, sorry the Rightmove data and the ONS data. Now

we know that there's about a three month lag so it'd be interesting to look at that lined up so may to may for

example. But what I noticed is that currently there's a 90,000 pound gap between the Rightmove asking

prices and the ONS data or roughly a 30% difference.

8 (18m 30s):

It'd be interesting to see how that tracks over time and whether in times of very buoyant house prices, such

as in 2015 for example, if the Rightmove data in ONS was closer together or if the gap was even wider

based on expectations. Have you noticed anything about that?

7 (18m 54s):

The only thing we've noticed as a property buying agent is that the Rightmove data we all know is, is

recording something very different to ONS data? So Rightmove is actually displaying the advertised sales

price of these properties. We don't know what each property actually sold for. We have to then wait probably

two to three months for it to filter through to net house prices.co UK and which it takes data from the ONS

data or land registry data. But we will see, you know, the gap shortening between the two. But what we've

actually seen in London and the southeast of England is house prices are being priced more competitively.

7 (19m 36s):

So in terms of, you know, as a buying agent, I can't go into an estate agent and buy a property with a 10%

discount. What has been happening is motivated sellers are pricing their properties in, in a correct fashion.

So they still attract interest from the market and I've actually seen that prices are looking more realistic now.

So they probably have come down the asking price has been, has has been come down about 5%, which

makes it more attractive to people which are looking to purchase those properties. So you're right Nicole

over time it'd be interesting to see does the gap between the two figures, ONS and Rightmove, you know,

close between, which I suspect that will happen over the next 12 months.

8 (20m 17s):

Yeah, especially if you bring back the Rightmove data so that it marries up with the exact timestamp of the

ONS with the three month lag. It'd be interesting to see where that hits. Obviously there are a lot of factors,

sometimes it takes months for sale to go through once the asking price has been struck. But it would just be

an interesting exercise I think, just to see, to gauge the difference between the optimistic asking price and

the realistic sales prices. So, it's interesting that you were talking there about more realistic asking prices by

vendors and that's something that people have complained about for a very long time.

8 (20m 58s):

That the reason the market isn't moving is because vendors are just unrealistic about the actual price, the

value of their property, which is probably fueled by overly optimistic estate agents. Also, do you know if this

is happening within the commercial market as well?

7 (21m 16s):

I I believe the commercial market is still very buoyant, wouldn't have any data at hand to prove that point.

But again, there, there are, if you get drive down any high street across the UK, there are kind of a lot of

shops becoming vacant. Again, Landlords wanting to fill those shops will offer incentives for new

shopkeepers bars, restaurants to take over those premises, for example, six months rent free when they

sign a five year lease. So there'll be other incentives. So the, the market is, is still active but I do notice that

the, there will be a lot more commercial properties in terms of shops available for rentals. So yeah, it, it is

interesting to watch and I think we just have to watch that in terms of the state of the economy over the next

12 months cause that will affect consumer spending and then will affect the, the high street at the end of the

chain.

8 (22m 9s):

Yeah, so the key takeaways for me from the monthly report that you've produced is that the market we are

not hitting for a, a hard landing or a freefall in property prices. We perhaps are seeing a bottoming out of

those prices. Rents still continue to rise at a very rapid rate fueled by increases in interest rates and inflation

should slowly start to decline and therefore interest rate increases should stabilize and should peak. So

they're my three takeaways. What are yours and more importantly, what are your predictions?

7 (22m 45s):

Right? Yeah, So I, I bear with your, your sentiments. So I, I believe prices, house prices will now flatline for

the remainder of the year and that's also backed up over the last six months. You may have read about new

Lenders coming into the market with something which was around in the nineties and in two thousands is the

100% mortgage. So this is where it's aimed at first time buyers that may not have a deposit and the

SKIPTON has launched a hundred percent mortgage product, it's not available to everyone. It has to be first

time buyers that have been renting for 12 months and have not defaulted on a rent payment within that 12

month period.

7 (23m 27s):

But if the Skipton and other banks are launching such products, there's definitely a gap in the market for

renters that don't have that deposit. But if the banks are lending a hundred percent of the money, they're

quite bullish about what they think is gonna happen to house prices over the next five years. Cause they

would not lend on a property if they know that price is gonna slide over the next five years. So that's some

evidence to why I say I think we're in for soft landing in house prices. The second thing which acts as

evidence in terms of house prices is the supply and demand. So in London and the Southeast as an acute

Shortage of new homes coming onto the sales market.

7 (24m 7s):

So where we operate in, in central London and the the greater London area, there's still, you know, between

five and 10 people looking at each property when they're kind of launched onto Rightmove or the other

portals with estate agents. So there is a market out there, we're in the process of just completing of two

purchases in Southwest London for clients, albeit one is using a cash purchase and one is using a 50% loan

to value. So they know that interest rates are relatively high, they have the means to put down a bigger cash

deposit and they'll refinance the property in two years time. So there is a Shortage of properties coming onto

the market which will artificially hold the prices ly stable.

7 (24m 50s):

Hence that's why we believe house prices will just level off the remainder of the year. And with that comes

opportunities. So if those people have cash or they can put down bigger deposits, people that want to move.

And, and my advice is if you are going to move home, you've gotta think in long-term cycles. So five to 10

years if you need to move home, you want to upsize downsize, you should continue and there will be

opportunities to be had because in the buyer's market it just means there's less buyers competing for the

same number of houses available. So you'll see there are positive attributes of what's going on in the

economy. Is this a shame that they're not highlighted?

8 (25m 29s):

Yeah, that's right. Are you seeing much the, I guess the tenants, sorry, the Landlords the flight from property

by Landlords that we're often told about in the press

7 (25m 45s):

I I've I've heard murmurs or people considering should they exit the, the landlord arena So. we, we manage

between 75 and a hundred properties all for private individual Landlords. And not one of our clients have

actually said we're selling up, we've had enough as of being a landlord, what has been happening is costs

have been increasing and that that's throughout the economy. Landlords costs have also increased in terms

of the mortgage interest they're paying around the corner. There's e P C regulations coming in in 2028 where

Landlords will have to invest in their properties and just items such as gas safety certificates, contractor has

all been increasing.

7 (26m 25s):

What has happened is these, these costs unfortunately are put onto the increase in the rents, but I think

most Landlords, if they can stick it out professional Landlords, they will kind of ride the storm over the next

five years. And I always go back to the question with my clients is why are you actually buying property as

an investment or for you to live in? And if you take a long-term cycle, you should be fine.

8 (26m 51s):

If you are modeling out the returns for your clients, what sort of year on year increase do you put in?

7 (26m 57s):

So in terms of the rental increase, we, we factor in at 5% rental increase per year. And wow, what has been

happening is over the last 18 months, rents have been increasing by about 10%. Our Landlords are, are are

quite nice people. We, we kind of have open conversations with our tenants and we, we'll do a market report

at the end of each year when there's a tenancy renewal and the, the rents have been increasing by about 10

or 15% in, in areas of London. But a lot of our Landlords will accept, you know, we're trying to share the

burden of increased costs. So rather than fact putting on the full 10% onto the tenants, you know, that settle

for 5% So, we keep an open dialogue with all of the tenants that we look after as well.

8 (27m 42s):

And what about capital value? What sort of rate do you factor in for a 10 year period?

7 (27m 47s):

Yeah, so over a 10 year period we, we'd factor in a 5% growth per year on average So, we factor in that as

our growth and again, we, we have to look at historic data. So when we look at what happened in 2008,

which was the banking crisis, the previous peak was 2007, 2008 prices all over the UK fell by an average of

20%. But in London it only took 18 months for the prices to bounce back to the previous peak of 2007. And

they've actually carried on increasing to 75% on average the cost, the, the actual cost of the property is now

75% more than previous peak of 2007.

7 (28m 30s):

So as a homeowner or as an investor, they're still sound Investments. If you can ride the storm and wait for

the long term. And if you look at the house prices, you know, if you go back to the seventies, the, the trend in

house prices has been upwards throughout and this cycle will be no different. There will be a persistent

upward increase in house price, growth, growth and as I'm saying to house owners and also for investors.

That's why London does make sense in terms of investment properties, So, I, I think what will happen is

people will choose areas which are more resilient to house price fluctuations.

7 (29m 11s):

So, we will read about these foreign investors coming into London and, and buying up the top end of the

properties, but again, that represents less than 1% of the market. We are seeing just normal kind of

hardworking professional people. They will be investing in their own properties and rental properties. My

advice would be is to choose areas which don't have such fluctuations in property. We also have the, the, the

argument with our clients about, you know, the northern powerhouse Manchester, Liverpool leads versus

London. And the evidence is there when we, when we look at 2008, if London bounced back within 18

months, the northern powerhouse, it did take between eight and 10 years for prices to return to the previous

peak of 2007.

7 (29m 56s):

So if I was advising clients i'd, I'd say well let's take a long term view and compare the different cities where

you get the biggest returns on your investment and London wins hands down compared to the northern

powerhouse.

8 (30m 10s):

Well, let's see what our viewers think. If you've got a view on that, my friends up in the north, if you've got a

view on that, let us know. I'd be really curious to, to get your view And it, where do people get your monthly

house prices report?

7 (30m 24s):

Yeah, so the tracker we push out on a monthly basis, And, it does collect information from Rightmove,

Halifax, nationwide, ONS, and also H M I C transactions. The best place to go is go to our website and you

can actually press the contact us button and send us an email. The website is my Property consultant

London and you'll see there's a contact us page, leave us your details and we'll add you onto our monthly

mailing list where you'll automatically be sent out basically a summary from me and also a one page

dashboard, which kind of tracks all the information. We do have trend lines on there as well and it's

completely impartial. It's just interesting cause it does kind of aim to cut through the headlines.

7 (31m 6s):

So again, any kind of newsreel can actually choose the, the figures or or statistics to, you know, to, to kind of

counterbalance their argument. This dashboard aims to have all the information on one page, so at a glance

we can look at it and, and say what is actually happening within the housing market and compare the various

indices and you can make your own informed decision about where we are in the housing market.

8 (31m 32s):

It is very good. So thank you for putting that out. I, I must say it's free, so there is no, no charge. It's

something that Edel and his team put out on a monthly basis and it's very worth reading. So Edel, thanks

again. You heard it here. House prices have flatlined for the year. So let's see, we're gonna catch up next

month and go over the latest house prices and just see if there's any updates to our view. So thank you

again and see you next month.

6 (32m 3s):

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