If the CoreLogic leading mortgage index is to be trusted then it’s aaawn or, more to the point, off:
This time last year, the index was at 135 and accelerating. It is now at roughly 115 and tanking. The 20 point year on year fall is now bigger than the impact we saw from the first round of macroprudential which took house price growth close to zero.
We need to see more evidence but this is solid proof that credit is slowing fast and prices are next.
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