UK Mortgage Approvals Rise as Market Stabilizes After Tax Hike
Mortgage approvals climbed to 64,167, up from 63,288 in May and the most since March, Bank of England data showed on Tuesday. It was better than the 63,100 expected by economists surveyed by Bloomberg. Net mortgage lending, which reflects approvals granted in previous months, more than doubled to £5.3 billion.
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Mortgage rates are on the decline, yet shelter remains among the stickiest components of inflation. chief economist Danielle Hale and Yahoo Finance Housing Reporter Claire Boston join Market Catalysts to discuss. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts. Really, shelter has been sticky, as economists like to call it. Um, those shelter costs, even if they're moderating, they've just been sort of persistent here. Um, Claire, what do we see in the numbers for last month? Definitely. So we are still seeing shelter inflation run quite a bit hotter than general inflation. Um, you know, it is coming down. Um, this is kind of the lowest year-of-a-year print, uh, since I believe October of 2021. Um, that being said, you know, housing costs are still rising and, um, you know, I think that that kind of, we talk a lot about affordability. You know, a lot of both renters and potential buyers are still feeling stretched and, you know, their incomes may not be keeping up right now with their housing costs. So Daniel, let's bring you into this. Why has this been happening? Why are these costs, why is that shelter inflation so sticky and so persistent? Well, we had a huge run-up in prices during the pandemic, uh, especially in rents, which really soared. They've softened recently, at least on the asking rent side of things, but if you look at rents more broadly across the economy, so for renters who might be staying in place and renewing, they are in many cases still playing catch up to those significant increases that we saw during the pandemic. So that's why shelter inflation costs tend to lag market rents. The good news is that market rents have actually softened again. Our rental report shows that we've had 24 consecutive months of rent softening as of July, uh, and the rents were down 2.7% on a year-over-year basis. So it's, it's a bit of a discount, but again, this is just asking rents. And so, uh, what we're seeing in those broader trends when we examine, uh, the data for all rental units is not quite as much softness yet, but we do expect to see that on the horizon. Now, one sort of caveat or warning is that with the trade uncertainty that we've seen, uh, and the softness that we're seeing in rental data, we're starting to see multi-family construction slow, at least on permits and completions. And so that means that the softness may not last. Uh, but it is there and I do think that's going to help, uh, bring inflation down, uh, as we look in the months ahead, but then we do have this wild card of tariffs, which, which could, uh, lead to some opposite findings. Yes, we do. I mean, and in terms of how people feel about it, they definitely feel that things are unaffordable. Claire, um, we did a Yahoo Finance poll recently that sort of dug into that idea of affordability. Yeah, I mean in general, um, most people are saying that they really feel like the housing market is out of reach for them, um, you know, at current prices. Especially when we look at the purchase side, um, you know, home prices depending on your metro area are up anywhere from 15 to 50%, you know, from those pre-pandemic levels. And that makes it really difficult to, you know, get into this market. It's not just purchase price. It's also that, you know, that 6.6, 6.7% mortgage, uh, you know, that really cuts into your buying power right now. Related Videos Bullish soars in public debut, Amazon delivery, downgraded Perplexity's Google Chrome offer may be a PR stunt aimed at Apple Data Not Supporting a Big Fed Rate Cut, BofA's Cabana Says CoreWeave earnings don't answer the big question bears are asking Sign in to access your portfolio
