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🇬🇧 UK housing has erased all of 2024's recovery as gilt yields anchor mortgage costs beyond the Bank Rate's reach
The day in view

🇬🇧 UK housing has erased all of 2024's recovery as gilt yields anchor mortgage costs beyond the Bank Rate's reach

Macro Soup Newsroom Macro Soup Newsroom 3 min read

RICS May house price balance held at −35%, missing the −31% consensus and fully reversing 2024's recovery. Gilt yields at 4.42% are anchoring mortgage costs that Bank Rate cuts cannot shift.

RICS economics slide with headline 'Sales market activity remains subdued though the recent decline shows signs of stabilising' and three bullet points on indicators.
The RICS May survey indicates the UK housing market downturn is levelling off at weak levels, with the house price balance holding at -35% despite subdued demand. Source

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