Morgan Stanley: Expect L-shaped recovery for property

Another one joins the MB led consensus, never a comfy position to be for us, via Morgan Stanley:

If clearance rates can sustain in a lifting auction volume environment then we may see a stronger housing recovery – although this looks unlikely to us at this stage”.

We think the likelihood of a price rebound is low – given the still soft economic environment and limited appetite from regulators for a credit rebound.

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