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Dec 6 2022, 07:00 GMT
Disruptive technology
November UK housing snapshot… ‘Armagideon time’?
- Companies : HelloFresh SE | Kainos Group plc | Baltic Classifieds Group plc | musicMagpie plc | Deliveroo plc | DoorDash Inc | OnTheMarket plc | Sosandar plc | Trustpilot Group plc | Just Eat Takeaway.com | Auto Trader Group plc | Carvana Co | Cazoo Group | Purplebricks Group plc | Darktrace plc | On the Beach Group plc OLD | Marks Electrical Group plc | AO World plc | Delivery Hero | Virgin Wines UK plc | GB Group plc | ASOS plc | Rightmove plc | boohoo group plc | Itsarm plc | Moonpig Group plc | Naked Wines plc | Auto1 Group SE
DAVY VIEW
The rhetoric in British newspapers points towards Armageddon for the housing market, sensationalist in the extreme, yet it is undoubtedly possible to talk oneself into a market collapse. October’s data points seem to reflect the political carnage of the mini-budget and perhaps reflect peak uncertainty. Approvals fell 11% to c.59,000, 12% below the long-run average; transactions, driven by Q3 activity, actually rose 2% to c.108,000. Mortgage rates remain elevated and affordability is being squeezed. Zoopla noted a 40% transaction fall-through rate in October. That hurts estate agents like Purplebricks; Rightmove (RMV) remains somewhat aloof, insulated from volume and price.
