1) House price growth has slowed most significantly in recent years in the luxury housing market segment, while the lower end of the market has performed better.
2) While house price growth is slowing across the three highest-valued market segments, the slowing appears to be stabilizing, suggesting the deceleration period may be ending.
3) The lower-middle and low-income housing segments saw accelerated house price growth in the most recent quarter and have outperformed other segments recently.
The FNB Estate Agents Survey shows that buy-to-let home buying has stabilized at lower levels compared to previous years. While buy-to-let demand makes up a smaller percentage of total home sales nationally, demand has recovered somewhat in coastal regions like Cape Town and Durban. Investment property owners appear to be weathering current market conditions of low rental inflation and slow capital growth by holding onto their properties rather than selling.
The document provides an analysis of preferred shares and their strong performance in 2017 despite rising interest rates. Some key points:
- Preferred shares are up between 7.8-9.7% year-to-date, outperforming other fixed income assets. Variable-rate preferreds have led gains due to demand for their fixed coupons.
- Investors remain hungry for yield as Treasury and credit yields remain low. This has driven some to move down the capital structure into preferred shares for higher yields.
- While preferred shares have rallied, the total return outlook may now be more limited. The analysis recommends investors review preferred stock allocations and holdings to ensure diversification and manage risks.
The FNB House Price Index showed a slowing in year-on-year growth to 4.7% in January 2018, after some months of acceleration. On a month-on-month seasonally adjusted basis, growth slowed from 0.28% in December to 0.12% in January. In real terms, adjusting for inflation, house price growth was slightly positive at +0.4% year-on-year in December 2017. The incidence of house price deflation on home resales has diminished in recent months to 8.6% of total sales in December. While growth has slowed, mildly improved sentiment and stable interest rates in 2018 may see stronger average house price growth than 2017's average of 3.8%.
This document discusses the importance of investing to maintain purchasing power in the face of inflation. It argues that many investors' goal should be to grow their capital at a rate that matches or exceeds inflation. Stocks that pay dividends are presented as a solution, as they can provide income that increases over time to outpace inflation. Several large, stable companies are used as examples that have consistently raised their dividends by over 10% annually for the past decade, demonstrating how purchasing power can be achieved through dividend-paying stocks.
Stocks Go From Great to Good as the Bull Turns FiveJP Marketing | NE
The end of this week will make it five years since the second most powerful bull market in post-WWII history began [Figure 1]. After five years, only the bull market that began on August 12, 1982 was stronger. It is not over yet. In fact, the bull market may be getting a second wind.
- The document provides an analysis and outlook on the Indian stock market by Centrum Research.
- It upgrades the FY11 EPS target to Rs. 1,030 but remains defensive in the near term due to concerns about valuations of around 19x, which is higher than appropriate levels given GDP growth projections.
- It expects a 15% correction in markets and recommends buying value picks after the correction. Top sectors identified are retail, sugar, pharma, media, healthcare and real estate while views on other sectors vary.
What are realistic expectations for long-term capital market returns, and how are they forecast? Check out this month's Investment Insights for a historical look.
U.S. equities continued their impressive advance, with
no significant declines during the quarter. In Europe, policy changes may function as an important tailwind for growth and market performance. Globally, M&A activity has been on the rise, giving a boost to equity prices across the market-cap spectrum. The current bull market has been significant — in terms of both length and magnitude.
The FNB Estate Agents Survey shows that buy-to-let home buying has stabilized at lower levels compared to previous years. While buy-to-let demand makes up a smaller percentage of total home sales nationally, demand has recovered somewhat in coastal regions like Cape Town and Durban. Investment property owners appear to be weathering current market conditions of low rental inflation and slow capital growth by holding onto their properties rather than selling.
The document provides an analysis of preferred shares and their strong performance in 2017 despite rising interest rates. Some key points:
- Preferred shares are up between 7.8-9.7% year-to-date, outperforming other fixed income assets. Variable-rate preferreds have led gains due to demand for their fixed coupons.
- Investors remain hungry for yield as Treasury and credit yields remain low. This has driven some to move down the capital structure into preferred shares for higher yields.
- While preferred shares have rallied, the total return outlook may now be more limited. The analysis recommends investors review preferred stock allocations and holdings to ensure diversification and manage risks.
The FNB House Price Index showed a slowing in year-on-year growth to 4.7% in January 2018, after some months of acceleration. On a month-on-month seasonally adjusted basis, growth slowed from 0.28% in December to 0.12% in January. In real terms, adjusting for inflation, house price growth was slightly positive at +0.4% year-on-year in December 2017. The incidence of house price deflation on home resales has diminished in recent months to 8.6% of total sales in December. While growth has slowed, mildly improved sentiment and stable interest rates in 2018 may see stronger average house price growth than 2017's average of 3.8%.
This document discusses the importance of investing to maintain purchasing power in the face of inflation. It argues that many investors' goal should be to grow their capital at a rate that matches or exceeds inflation. Stocks that pay dividends are presented as a solution, as they can provide income that increases over time to outpace inflation. Several large, stable companies are used as examples that have consistently raised their dividends by over 10% annually for the past decade, demonstrating how purchasing power can be achieved through dividend-paying stocks.
Stocks Go From Great to Good as the Bull Turns FiveJP Marketing | NE
The end of this week will make it five years since the second most powerful bull market in post-WWII history began [Figure 1]. After five years, only the bull market that began on August 12, 1982 was stronger. It is not over yet. In fact, the bull market may be getting a second wind.
- The document provides an analysis and outlook on the Indian stock market by Centrum Research.
- It upgrades the FY11 EPS target to Rs. 1,030 but remains defensive in the near term due to concerns about valuations of around 19x, which is higher than appropriate levels given GDP growth projections.
- It expects a 15% correction in markets and recommends buying value picks after the correction. Top sectors identified are retail, sugar, pharma, media, healthcare and real estate while views on other sectors vary.
What are realistic expectations for long-term capital market returns, and how are they forecast? Check out this month's Investment Insights for a historical look.
U.S. equities continued their impressive advance, with
no significant declines during the quarter. In Europe, policy changes may function as an important tailwind for growth and market performance. Globally, M&A activity has been on the rise, giving a boost to equity prices across the market-cap spectrum. The current bull market has been significant — in terms of both length and magnitude.
Signs of inflation will raise the stakes for the Fed’s policy communications. Favorable conditions for leveraged strategies could reverse quickly. Reasonable valuations and the Fed’s policy goals continue to support risk assets.
The document discusses Putnam's outlook on various fixed income asset classes in light of the Federal Reserve signaling that it may begin tapering its quantitative easing program. It finds that while interest rates may remain volatile in the near future, many spread sectors now offer attractive risk-adjusted returns. Specifically, it believes mortgage-backed securities, high yield bonds, bank loans, and select investment grade corporate bonds in sectors like utilities and energy provide opportunities for investors. While term structure risk from rising rates remains, security selection and tactical strategies can help add value.
This document provides an analysis and updated expectations for long-term capital market returns. It estimates that U.S. stocks will provide a total return of 6-8% over the long-term and bonds will return 3-4%. These estimates are based on reasonable assumptions about inflation, dividend income, dividend growth, and valuation shifts. The document examines historical returns and factors to derive its projections, which are meant to provide a guide for long-term financial planning.
This document provides an overview of various macroeconomic indicators that can impact stock prices, including inflation rates, interest rates, purchasing managers' indexes, index of industrial production, foreign investment, currency rates, and more. It discusses how changes in these economic factors can affect businesses and consumer behavior, influencing stock market performance. Sample data is presented for several Indian macroeconomic indicators from 2012 to 2014, such as declining CPI and WPI inflation, interest rates, and purchasing manager index readings for services and manufacturing.
1. The author is neutral on Japan in global portfolios but underweight in Asia Pacific portfolios for Q4 2016 due to expectations of Japanese yen strength. However, risks are skewed to the upside if inflation expectations rise in early 2017 as expected.
2. Valuations in Japan are compelling but earnings need a catalyst to escape the "value trap". Inflation is key to unlocking domestic demand and earnings potential.
3. Monetary policy in Japan is expected to maintain negative rates and bond purchases, possibly implementing a "twist" to steepen the yield curve. Fiscal policy coordination may occur in the future.
This document provides market commentary and macroeconomic forecasts for Q3 2010.
The key points are:
1) The sovereign debt crisis in Europe is not contained and big budget cuts are still needed.
2) The US economic recovery is slowing as stimulus winds down. Growth is expected to moderate to 1.5% in Q3.
3) The Japanese recovery is also slowing, with exports expected to contribute less as the strong yen weighs on manufacturers.
4) The Eurozone recovery remains fragile due to debt concerns, but the weaker euro is boosting exports and industrial production.
Mercer Capital's Bank Watch | December 2019 | 2020 Outlook: Good Fundamentals...Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
As Fed tapering unfolds, we expect to see stronger growth from developed markets, while emerging markets in aggregate may experience further currency and capital market weakness. In the United States, declining labor participation continues to drive falling unemployment figures, and may harbor the beginning of a wage inflation surprise.
• We expect credit, liquidity, and prepayment risks will continue to
be rewarded by the market in the months ahead, while interestrate
risk remains unattractive due to its asymmetric risk profile.
The document discusses risks to China's economic outlook that have recently intensified. It notes that while the government's long-term reform agenda remains positive, short-term cyclical risks from low growth have increased. Specifically, the budget aims to stimulate local investment but nearly half is dedicated to supply-side reforms, and there are few drivers of growth other than infrastructure and housing. Additionally, the housing market faces risks of excessive leverage and a potential price collapse if the government cracks down on liquidity. Overall the risks to China's outlook have grown and now hang in a delicate balance.
The New Forex Fundamentals: Effectively Scanning Global Markets - Vantage FXVantage FX
Are you scanning the markets in a manner that is getting you ahead of the crowd? Are you reading sentiment correctly? Still doing things the old way? Abe Cofnas’ New Forex Fundamentals seminar module showed our clients a unique way to detect global sentiment to reshape their forex trading strategies.
You can view the presentation slides here!
The global economy is improving overall, with the U.S. and U.K. leading the way. We expect higher GDP growth from the U.S. to support risk assets in the third quarter. We continue to expect a rise in U.S. interest rates in 2014, though eurozone policy may help slow a near-term increase. We favor credit, prepayment, and liquidity risks, which we express in allocations to mezzanine CMBS, peripheral European sovereigns, select EM sovereigns, and interest-only (IO) CMOs.
Market conditions at the fourth quarter’s outset largely reflected expectations of continued (albeit modest) economic growth and accommodative monetary policy. At mid quarter, the presidential election portended a period of fiscal stimulus and tightening monetary policy. Overall, the quarter witnessed a sharp rally in equities, tightening credit spreads, a downturn in Treasury prices and a strengthening of the U.S. dollar.
The document provides a quarterly review by Seaport Investment Management. It summarizes the volatile market conditions in Q1 2016, with global equities rebounding from losses to end barely positive. It discusses ongoing economic slowing and downward revisions to growth forecasts. Seaport's portfolio returned 2.2% in Q1 through a defensive structure that has buffered volatility while providing stable income. The portfolio remains defensively positioned across asset classes like equity, credit, and mortgage to balance upside potential with downside protection.
An open ended debt scheme predominantly investing in AA and below rated corporate bonds (excluding AA+ rated corporate bonds)A credit risk fund investing in a portfolio of debt and money market instruments across the credit rating spectrum.
The Scheme seeks to provide steady income and capital appreciation by investing in corporate debt. There is no assurance or guarantee that the objectives of the Scheme will be realized.Suitable for those who are looking at investing for a shorter duration product and looking at options better than traditional instruments while maintaining liquidity.
Financial Wealth Management benefits a basic knowledge of the current economic climate. Download this free report on the state of the economy, government, and how they affect YOU.
1) The BOJ's negative interest rate policy is believed to have been effective and will likely not be reversed at the upcoming September 21 meeting.
2) The BOJ's quantitative and qualitative easing program will also likely not be tapered in aggregate but may involve a "twist" to steepen the yield curve.
3) The BOJ will probably add domestic corporate bonds to its quantitative easing purchases but is unlikely to include foreign bonds at this time due to political sensitivities.
The document summarizes monetary policy in India. It discusses how the Reserve Bank of India (RBI) uses various monetary policy tools like open market operations, cash reserve ratio, statutory liquidity ratio, bank rate, repo rate, and reverse repo rate to control money supply and maintain price stability. It notes that RBI recently cut the repo rate by 25 basis points to 7.75% due to falling inflation. The rate cut led to gains in the stock market and currency. Further cuts are expected pending the government's budget and stance on fiscal consolidation.
The FNB House Price Index showed an acceleration in year-on-year growth in March 2017 to 4.1% compared to 2.7% in February. In real terms, adjusting for inflation, house prices declined 3.4% year-on-year in February. Month-on-month house price inflation was positive at 1.7% in March after deflation in late 2016. While signs point to a moderate economic recovery in South Africa strengthening house prices, political risks remain from developments that could negatively impact the economy and housing market.
The FNB House Price Index showed a slowing in year-on-year growth to 2.3% in February 2018, down from 3.8% in January. While house price growth has weakened, the analyst believes 2018 will be a mildly stronger year for the housing market compared to 2017, with projected growth of 4.8% in 2018 versus 3.8% in 2017. The recent slowing in house prices reflects weak market sentiment in late 2017 that is still impacting prices, but leading indicators suggest an improvement in economic and market conditions that should support stronger growth through 2018.
Signs of inflation will raise the stakes for the Fed’s policy communications. Favorable conditions for leveraged strategies could reverse quickly. Reasonable valuations and the Fed’s policy goals continue to support risk assets.
The document discusses Putnam's outlook on various fixed income asset classes in light of the Federal Reserve signaling that it may begin tapering its quantitative easing program. It finds that while interest rates may remain volatile in the near future, many spread sectors now offer attractive risk-adjusted returns. Specifically, it believes mortgage-backed securities, high yield bonds, bank loans, and select investment grade corporate bonds in sectors like utilities and energy provide opportunities for investors. While term structure risk from rising rates remains, security selection and tactical strategies can help add value.
This document provides an analysis and updated expectations for long-term capital market returns. It estimates that U.S. stocks will provide a total return of 6-8% over the long-term and bonds will return 3-4%. These estimates are based on reasonable assumptions about inflation, dividend income, dividend growth, and valuation shifts. The document examines historical returns and factors to derive its projections, which are meant to provide a guide for long-term financial planning.
This document provides an overview of various macroeconomic indicators that can impact stock prices, including inflation rates, interest rates, purchasing managers' indexes, index of industrial production, foreign investment, currency rates, and more. It discusses how changes in these economic factors can affect businesses and consumer behavior, influencing stock market performance. Sample data is presented for several Indian macroeconomic indicators from 2012 to 2014, such as declining CPI and WPI inflation, interest rates, and purchasing manager index readings for services and manufacturing.
1. The author is neutral on Japan in global portfolios but underweight in Asia Pacific portfolios for Q4 2016 due to expectations of Japanese yen strength. However, risks are skewed to the upside if inflation expectations rise in early 2017 as expected.
2. Valuations in Japan are compelling but earnings need a catalyst to escape the "value trap". Inflation is key to unlocking domestic demand and earnings potential.
3. Monetary policy in Japan is expected to maintain negative rates and bond purchases, possibly implementing a "twist" to steepen the yield curve. Fiscal policy coordination may occur in the future.
This document provides market commentary and macroeconomic forecasts for Q3 2010.
The key points are:
1) The sovereign debt crisis in Europe is not contained and big budget cuts are still needed.
2) The US economic recovery is slowing as stimulus winds down. Growth is expected to moderate to 1.5% in Q3.
3) The Japanese recovery is also slowing, with exports expected to contribute less as the strong yen weighs on manufacturers.
4) The Eurozone recovery remains fragile due to debt concerns, but the weaker euro is boosting exports and industrial production.
Mercer Capital's Bank Watch | December 2019 | 2020 Outlook: Good Fundamentals...Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
As Fed tapering unfolds, we expect to see stronger growth from developed markets, while emerging markets in aggregate may experience further currency and capital market weakness. In the United States, declining labor participation continues to drive falling unemployment figures, and may harbor the beginning of a wage inflation surprise.
• We expect credit, liquidity, and prepayment risks will continue to
be rewarded by the market in the months ahead, while interestrate
risk remains unattractive due to its asymmetric risk profile.
The document discusses risks to China's economic outlook that have recently intensified. It notes that while the government's long-term reform agenda remains positive, short-term cyclical risks from low growth have increased. Specifically, the budget aims to stimulate local investment but nearly half is dedicated to supply-side reforms, and there are few drivers of growth other than infrastructure and housing. Additionally, the housing market faces risks of excessive leverage and a potential price collapse if the government cracks down on liquidity. Overall the risks to China's outlook have grown and now hang in a delicate balance.
The New Forex Fundamentals: Effectively Scanning Global Markets - Vantage FXVantage FX
Are you scanning the markets in a manner that is getting you ahead of the crowd? Are you reading sentiment correctly? Still doing things the old way? Abe Cofnas’ New Forex Fundamentals seminar module showed our clients a unique way to detect global sentiment to reshape their forex trading strategies.
You can view the presentation slides here!
The global economy is improving overall, with the U.S. and U.K. leading the way. We expect higher GDP growth from the U.S. to support risk assets in the third quarter. We continue to expect a rise in U.S. interest rates in 2014, though eurozone policy may help slow a near-term increase. We favor credit, prepayment, and liquidity risks, which we express in allocations to mezzanine CMBS, peripheral European sovereigns, select EM sovereigns, and interest-only (IO) CMOs.
Market conditions at the fourth quarter’s outset largely reflected expectations of continued (albeit modest) economic growth and accommodative monetary policy. At mid quarter, the presidential election portended a period of fiscal stimulus and tightening monetary policy. Overall, the quarter witnessed a sharp rally in equities, tightening credit spreads, a downturn in Treasury prices and a strengthening of the U.S. dollar.
The document provides a quarterly review by Seaport Investment Management. It summarizes the volatile market conditions in Q1 2016, with global equities rebounding from losses to end barely positive. It discusses ongoing economic slowing and downward revisions to growth forecasts. Seaport's portfolio returned 2.2% in Q1 through a defensive structure that has buffered volatility while providing stable income. The portfolio remains defensively positioned across asset classes like equity, credit, and mortgage to balance upside potential with downside protection.
An open ended debt scheme predominantly investing in AA and below rated corporate bonds (excluding AA+ rated corporate bonds)A credit risk fund investing in a portfolio of debt and money market instruments across the credit rating spectrum.
The Scheme seeks to provide steady income and capital appreciation by investing in corporate debt. There is no assurance or guarantee that the objectives of the Scheme will be realized.Suitable for those who are looking at investing for a shorter duration product and looking at options better than traditional instruments while maintaining liquidity.
Financial Wealth Management benefits a basic knowledge of the current economic climate. Download this free report on the state of the economy, government, and how they affect YOU.
1) The BOJ's negative interest rate policy is believed to have been effective and will likely not be reversed at the upcoming September 21 meeting.
2) The BOJ's quantitative and qualitative easing program will also likely not be tapered in aggregate but may involve a "twist" to steepen the yield curve.
3) The BOJ will probably add domestic corporate bonds to its quantitative easing purchases but is unlikely to include foreign bonds at this time due to political sensitivities.
The document summarizes monetary policy in India. It discusses how the Reserve Bank of India (RBI) uses various monetary policy tools like open market operations, cash reserve ratio, statutory liquidity ratio, bank rate, repo rate, and reverse repo rate to control money supply and maintain price stability. It notes that RBI recently cut the repo rate by 25 basis points to 7.75% due to falling inflation. The rate cut led to gains in the stock market and currency. Further cuts are expected pending the government's budget and stance on fiscal consolidation.
The FNB House Price Index showed an acceleration in year-on-year growth in March 2017 to 4.1% compared to 2.7% in February. In real terms, adjusting for inflation, house prices declined 3.4% year-on-year in February. Month-on-month house price inflation was positive at 1.7% in March after deflation in late 2016. While signs point to a moderate economic recovery in South Africa strengthening house prices, political risks remain from developments that could negatively impact the economy and housing market.
The FNB House Price Index showed a slowing in year-on-year growth to 2.3% in February 2018, down from 3.8% in January. While house price growth has weakened, the analyst believes 2018 will be a mildly stronger year for the housing market compared to 2017, with projected growth of 4.8% in 2018 versus 3.8% in 2017. The recent slowing in house prices reflects weak market sentiment in late 2017 that is still impacting prices, but leading indicators suggest an improvement in economic and market conditions that should support stronger growth through 2018.
The document analyzes house price indices and market trends in South Africa between 2015-2017. It finds that:
1) The sectional title housing market continues to slightly outperform the full title market in terms of average price growth, though the gap has narrowed with both segments seeing accelerated growth in 2017.
2) Within sectional title, the smallest units (less than 2 bedrooms) saw the strongest price inflation, while the 2 bedroom units saw the only acceleration over 2017. In full title, 3 bedroom units saw the highest growth.
3) Over the long term since 2001, sectional title units have significantly outperformed full title units, with the smallest sectional title units appreciating nearly 500% on
The document summarizes the performance of South Africa's housing market in 2017 based on the FNB House Price Index. It finds that:
1) House prices rose 3.7% in 2017, the third consecutive year of slowing growth following peaks of 7% in 2014 and 4.8% in 2016.
2) However, monthly house price growth accelerated in the second half of 2017, reaching 6.1% in December, signaling stronger momentum heading into 2018.
3) The analyst predicts slightly stronger annual house price growth of around 5% for 2018, supported by expected improved economic growth, but risks remain from policy uncertainty and weather conditions.
The FNB Estate Agent Survey found that homeowners remain cautious in their property buying decisions in late 2017. Only 11% of home sellers were upgrading to a better home, well below the peak of 20% in 2013. The survey also found mildly elevated but not concerning levels of financial stress-related home selling, with 14% of sellers downsizing due to financial pressure. Agents reported that financially pressured home sellers were more likely to rent cheaper housing rather than buy, suggesting continued weakness in confidence. The City of Cape Town had the lowest levels of financial stress-related downsizing of major metro regions in South Africa.
Year-on-year house price growth increased slightly to 4.6% in November according to the FNB House Price Index. While growth has increased recently, average house price growth for 2017 is expected to be around 3%, lower than the 4.7% seen in 2016. Examining long-term real house price trends, prices in October 2017 were 4.9% below their December 2015 high and 19.9% below their 2007 pre-recession peak.
The FNB House Price Index showed a 4.1% year-on-year increase in house prices in September 2017, a mild acceleration from August. However, month-on-month growth slowed to 0.13% in September, suggesting the year-on-year rate will also resume slowing. For the full year 2017, house price growth is expected to be slower than the past 3 years, with real house prices continuing to decline. Longer-term, while nominal house prices have increased substantially since 2000, real house prices remain below peaks reached in late 2007 and late 2015 when adjusted for inflation.
The document analyzes property market indicators in South Africa and Namibia. It finds that on average, homes are taking longer to sell nationally, suggesting markets are moving away from equilibrium as supply exceeds demand. However, regions vary significantly. Gauteng remains relatively balanced with homes selling within 12 weeks on average, while coastal metro areas like Ethekwini are less price realistic, with homes taking over 27 weeks to sell. Demand is also lower based on fewer viewers per property. The document concludes that average time on market trends suggest further real house price declines nationally as sellers adjust prices, though corrections may remain gradual.
- The FNB House Price Index showed slightly slower year-on-year growth of 0.8% in February 2017, continuing weak growth.
- Month-on-month house price inflation turned slightly positive in January/February after deflation in late 2016.
- Leading economic indicators point to mildly better economic conditions and growth of 1.1% in 2017, which could lead to moderately higher house price growth later in the year.
- The average price of homes transacted in February was R1,057,719.
The document provides an analysis of the South African residential property market in February 2017. Key points include:
1) The FNB House Price Index showed year-on-year growth of 0.8%, slightly slower than January's revised rate of 0.9%, reflecting weak economic conditions.
2) Month-on-month house price inflation turned slightly positive in January/February after deflation in late 2016, which could signal near-term economic improvement.
3) Leading indicators like manufacturing and business cycles point to mildly better economic growth in 2017, which may lead to moderately higher house price growth later in the year.
As of the 4th quarter 2017 FNB Estate Agent Survey in November, agents had not yet perceived any strengthening in the South African housing market according to the survey questions. Housing demand had moved sideways at low levels since 2016, while the prevailing demand levels were insufficient to balance supply, leading to a weakening market balance through 2017. However, sentiment in the country improved after the ruling party's December leadership conference, and leading economic indicators point to improved near-term economic performance, suggesting the housing market could see some strengthening in 2018 according to the report.
This document analyzes house price indices for sub-regions in Gauteng, South Africa's most populous province. It finds that lower-priced sub-regions have generally seen stronger growth than higher-priced areas in recent years. In the third quarter of 2017, lower-priced areas in Johannesburg, Tshwane, and Ekurhuleni continued to show higher price growth than other regions. The manufacturing-dependent Emfuleni region, including Vanderbijlpark, has seen the weakest housing market performance in Gauteng. Solid first-time home buying in Gauteng's major metros may be supporting the lower end of the housing market.
- The document analyzes house price indices for sub-regions in Gauteng province, South Africa's largest province.
- It finds that major metro regions like Tshwane, Johannesburg, and Ekurhuleni continue to see low single-digit house price growth, pointing to ongoing price declines in real terms when adjusted for inflation.
- Neither the highest nor lowest priced sub-regions within each metro have consistently been the top performers, suggesting affordability remains an important factor for buyers.
There was a slight weakening in home maintenance and upgrades in South Africa from the start to the end of 2017 according to survey data from estate agents and hardware retail sales. Specifically, the percentage of homeowners making value-adding upgrades decreased slightly, as did those fully maintaining their properties and making some improvements. Correspondingly, the percentages of those only doing basic maintenance or allowing their homes to fall into disrepair increased mildly. Various economic indicators pointed to a mild stagnation in the home maintenance and upgrades market in the latter half of 2017 compared to earlier in the year.
The Institute for Luxury Home Marketing has analyzed a number of metrics — including sales
prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-square-foot – to provide you a comprehensive North American Luxury Market report.
Additionally, we have further examined all of the individual luxury markets to provide both an overview and an in-depth analysis - including, where data is sufficient, a breakdown by luxury single-family homes and luxury attached homes. The Glimmer of Change Grows Brighter
Last month, we reported a glimmer of hope as the luxury market, for the first time in 2023,
witnessed an increase in the number of sold properties and new inventory entering the market
compared to the same month in 2022. This encouraging trend continues this month.
The Numbers are Up
Compared to November 2022, the number of sales last month rose 5.1% for single-family homes
and 13.7% for attached homes. This is not the only growth statistic that could show the start, albeit
a slow one, of a market comeback.
The number of new listings entering the market last month also increased compared to November
2022, by 21.1% for single-family homes and 29.3% for attached properties. The rise in new inventory
entering the market is equally significant as it shows a growing confidence by sellers compared to
last year.
Lack of new inventory has been one of the most significant challenges to the growth of sales during
most of 2023, as it created a roadblock for opportunity. This was especially significant in a market
where buyers had become highly specific in their property specification preferences.
Get Ready for 2024 the Right Way
During this unconventional market, we highly recommend working with a luxury property specialist to gain insights into what is truly happening in your local marketplace. The art of selling and buying in this market needs a critical and analytical approach. Understanding the realities and setting realistic expectations accordingly will ensure that your goals are achieved.
If you're considering to buy, sell or invest in California reach out and let's connect
LYNNE MACFARLANE, Realtor
Intero Los Altos & Carmel | DRE 02066698
831-346-2743
408-800-1141
LYNNE@LYNNEMACFARLANE.COM
WWW.LYNNEMACFARLANE.COM
Housing market assessment greater toronto area - 1 st quarter 2017Shawn Venasse
Recent analysis of the Toronto housing market found:
1) Strong evidence of overvaluation, with home prices growing much faster than incomes and population growth.
2) Moderate evidence of overheating and price acceleration, as sales remained high while new listings only kept pace with demand.
3) Weak evidence of overbuilding, as unsold inventory continued to decline in the third quarter of 2016.
The secondary home buying market weakened in the second half of 2017 according to an FNB estate agent survey. Secondary home buying as a percentage of total home buying reached a multi-year high of 14.47% in Q1 2017 but declined for the next three quarters to 11.99% by Q4 2017. Buy-to-let buying, a major category of secondary home buying, also declined in the second half of 2017 and remained in single digits. Agents reported reduced pricing power and more investment properties being resold at or below purchase price in 2017 compared to 2016, suggesting weaker demand. Overall secondary home buying was slightly higher in 2017 than 2016 but weakened as the year progressed.
The Western Cape house price growth continued to slow in the final quarter of 2017, dropping to 4.4% year-over-year growth from 4.8% in the previous quarter. In contrast, the other major provinces of Eastern Cape, Gauteng, and KwaZulu-Natal saw accelerating house price growth over the same period. While Western Cape growth has slowed, the City of Cape Town metro remains strong with 9.4% year-over-year growth. The slowing in the Western Cape is likely due to affordability issues outside of Cape Town from many years of outperformance compared to other regions, as well as drought impacting agricultural areas.
Mercer Capital's Value Focus: Real Estate Industry | Q1 2017 | Segment Focus:...Mercer Capital
Mercer Capital's Real Estate Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
Autumn Buyers Guide
Do your property buying research without having to spend your whole weekend searching the web. This reference guide for home buyers and investors from ING Direct will quickly bring you up to speed on house and unit prices and suburb affordability across Australia.
Similar to FNB_AREA VALUE BAND HOUSE PRICE INDEX (20)
House prices in South Africa remained steady in August 2019, growing 3.6% year-over-year. While transaction volumes increased slightly, mortgage lending has grown faster than house prices. Demand for housing has shown mild signs of improvement while inventory levels have stabilized. Looking ahead, house price growth is expected to remain around 3.5-4% for 2019 and 2020, supported by lower interest rates but constrained by economic challenges.
The residential property index report provides the following information:
- The current annual inflation rate is 3.61% and monthly rate is 0.31% nationally.
- The Western Cape continues to outperform other provinces with an annual rate of 5%, though it has dropped 3 percentage points in the last year.
- Coastal municipalities are generally performing above 1-4% while inland municipalities like Johannesburg, Tshwane and Ekurhuleni are between 1-4%.
- Low and mid value property segments are growing over 4% annually compared to below 4% for other segments.
- House prices in South Africa's Gauteng province continued to show low single-digit growth in the second quarter of 2019, with Ekurhuleni outperforming Johannesburg and Tshwane.
- Price growth has softened the most in the affluent northern regions of Johannesburg and Pretoria, while pressure is now also affecting more affordable areas.
- Ekurhuleni has held up better with average price growth of 4.3% due to a higher concentration of middle-priced properties.
FNB Property Insights SARB Leading Indicator_August 2019Berty Van Staaden
The June SARB Leading Business Cycle Indicator continued to decline, suggesting ongoing economic weakness and weak new mortgage lending. The year-on-year decline of -2.8% was greater than the previous month's decline and was the 9th consecutive monthly decline. Both new mortgage lending and new property development are expected to remain slow in the near future based on the leading indicator. New building plans data also declined sharply in the 2nd quarter of 2019, as did plans for non-residential buildings, reflecting a response to weaker economic conditions.
Rental growth remained flat nationally in Q2 2019, matching the 3.86% rate from Q1. While lower growth is not ideal for landlords, tenants benefit from slower increases in living costs. Analysis of long-term credit data found that overall financial health of tenants has weakened, with higher debt levels and slower income growth reducing disposable income. At the same time, most provinces saw rental growth remain steady or increase slightly in Q2 compared to Q1.
The document summarizes residential building statistics from StatsSA for the second quarter of 2019. It finds that while residential building completions grew strongly in the second quarter, up 47.9% year-over-year, plans passed declined sharply by 24.8% year-over-year. This suggests residential building activity will likely slow in the near future. It also discusses how new residential developments have struggled with affordability as costs have grown faster than existing home prices and incomes. Developers have responded by focusing more on flats and townhouses rather than free-standing homes to use land more efficiently.
This document discusses capitalization (cap) rates and property values in South Africa. It notes that cap rates have only risen slightly in recent years, despite deteriorating economic fundamentals. This suggests cap rates and property values may be due for a more significant correction. The document examines factors that led to a major decline in cap rates and increase in property values from 2003-2007 for comparison. These included declining interest rates, an economic upswing, and improving business confidence. The current environment of economic stagnation and rising government debt could lead to higher cap rates and lower property values if sentiment changes among investors.
The document summarizes house price trends in Cape Town sub-regions from Q2 2019. It finds that:
1) Prices in affluent areas fell deeper into deflation, and this pressure is now spilling over to middle-priced areas, while lower-priced areas remain resilient with double-digit growth.
2) The overall city growth slowed to 0.5% year-over-year, the slowest since 2009, due to intensifying pressure in affluent areas now impacting middle areas.
3) While the market remains lackluster, some indicators show signs of resilience as buyers take advantage of better prices, with first-time buyer activity rebounding.
FNB_Property Insights_Retail Property's Consumer ChallengesBerty Van Staaden
- The key challenge currently facing the retail property sector is the financial condition of the consumer, as economic growth has slowed and put pressure on household income and spending.
- Over the past 20 years, strong consumer spending helped retail property outperform other sectors, but more recently the economic environment has weakened and consumers face higher taxes and financial pressures.
- Three potential sources of pressure on consumers and retail spending are stagnant economic growth reducing income growth, rising effective tax rates increasing costs for households, and consumers potentially increasing savings rates due to weak sentiment and net wealth growth.
The national house price inflation rate in South Africa was 3.5% as of June 2019, with rates varying between provinces and municipalities. The Western Cape continues to outperform other provinces with an annual rate of 5%, while coastal municipalities generally see higher inflation than inland areas. Property value segments are also experiencing different rates, with low and mid-value properties growing over 4% annually compared to below 4% for other segments.
- The survey found that brokers perceive the industrial/warehouse rental market as most active, while the office and retail markets are struggling. Retail brokers cited high rentals and online shopping as particular issues.
- The industrial/warehouse market showed increased activity and declining vacancy rates over the past 6 months, while office and retail saw weaker activity and rising vacancy.
- Near-term expectations improved significantly for the industrial sector after the elections but were more muted for retail, which faces challenges of high rentals and the shift to online shopping.
The document summarizes the results of a survey of commercial property brokers in South Africa regarding their perceptions of market activity levels and confidence following the national election. The survey found that brokers viewed the industrial and warehouse market as having the strongest activity in Q2 2019. While a majority still find conditions satisfactory, average perceived activity was mediocre. Looking ahead, brokers expect increased activity in the office and industrial markets but declined activity in retail, where online shopping is also negatively impacting properties. The election outcome boosted overall sentiment, but concerns remain about the weak economy, particularly impacting the retail sector.
The document summarizes May 2019 building statistics from StatsSA. It finds that residential building completions continued strong growth of 56% year-over-year due to lagged effects of improved sentiment in 2017-2018. However, residential building plans passed have declined since mid-2018, suggesting future completions may slow. Non-residential building was mixed, with industrial/warehouse seeing stability but office and retail facing pressures of high vacancies and weak consumer spending that could lead to declining construction.
- Foreign and expatriate demand for domestic property purchases in South Africa increased slightly in the second quarter of 2019 compared to previous quarters, though it remains below peak levels from 2015-2016.
- The net effect of migration on the domestic property market was estimated to be negative 9% of volumes, representing an excess supply gap that local buyers need to fill to maintain market balance.
- Weak economic growth and policy uncertainty have dampened investor sentiment towards South Africa and contributed to emigration outpacing foreign demand, putting downward pressure on domestic property prices.
The document summarizes residential property indices in South Africa. It reports that the current annual national inflation rate is 3.43% and monthly rate is 0.28%. The Western Cape continues to outperform other provinces with an annual rate of 5.7%, though it has dropped over 3 percentage points in the last 12 months. Coastal municipalities are generally performing above 2-4% range of inland municipalities. Low and mid value property segments are growing more than 4% annually while other segments are below that.
The document summarizes rental market trends in South Africa for the first quarter of 2019. It finds that while rental growth remains subdued, the market appears to be recovering as the quarterly growth rate stabilized after declining for six consecutive quarters. It also notes that uncertainty surrounding the recent general election could dampen property demand in the short term. Additionally, the document provides data on average rents and rental price distributions across South African provinces.
The FNB House Price Index grew 3.7% year-on-year in February 2019, below the 4% growth in January and the 2018 annual average of 3.9%. FNB valuers rate current residential housing demand as weakening and supply strengthening, with the FNB Market Strength Index declining for the ninth consecutive month. Building activity improved in 2018 but building plans approvals point to potential softening ahead. The property market outlook is muted in the near term with house price inflation expected within 3.5-4.5% against a 2019 CPI forecast of 4.7%.
The Lightstone Property Forecast for 2019 predicts that the residential property market will have a slow start to the year due to economic uncertainty but may see growth later in the year if the economy strengthens. The forecast models three scenarios: a mid-road scenario similar to 2018 with 4.7% growth, a low road scenario with weaker growth, and a potential high road scenario that could surpass previous forecasts if economic conditions improve significantly. While the luxury market and high-value segments are expected to see limited early growth, the mid-value segment may benefit from upward mobility and downsizing trends. Overall, the forecast expects a robust market recovery in 2019 is possible depending on the national election outcome and economic policy changes.
Lightstone_Residential Property Indices_January 2019Berty Van Staaden
The document summarizes residential property indices in South Africa. It reports that the current annual inflation rate is 3.00% and monthly is 0.18%. The Western Cape continues to outperform other provinces with an annual rate of 7.6%, while inland municipalities like Ekurhuleni, City of Tshwane and City of Johannesburg are growing between 2-5% annually. The Low Value and Mid value property segments are growing over 4% annually compared to below 3% for other segments.
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1. PROPERTY BAROMETER – FNB Area Value Band House Price
Indices
The Luxury Area Value Band has seen the most significant price growth slowdown
since 2014, while the Lower End has done better in recent quarters. But there may be
signs of the higher end starting to “stabilise”
13 February 2018
FNB AREA VALUE BAND HOUSE PRICE INDEX PERFORMANCES
We compile 5 FNB Area Value Band House Price Indices (see note at the end of this report regarding the
methodology). These indices group areas according to their average home transaction values, using deeds
data, and include all cities and towns in South Africa.
The 5 indices are the Luxury Area House Price Index (Average Price = R2.335 million), the Upper Income Area
House Price Index (Average Price = R1.242 million), the Middle Income Area House Price Index (Average Price
= R887,930), the Lower Middle Income Area House Price Index (Average Price = R583,858), and the Low
Income Area House Price Index (Average Price = R362,110)
The 4th
quarter 2017 results show some further slowing in the year-on-year house price growth rates of the
3 highest priced area value bands, but some further acceleration in the growth of the 2 lowest priced ones.
The Low Income Area House Price Index was again the strongest performer in terms of year-on-year house
price growth, recording 14.2% year-on-year for the 4th
quarter. This is an acceleration on the prior quarter’s
revised 13.5%.
We must caution, however, about major potential distortions in this index. This index includes the subsidized
housing component, and new homes in
this category, which are not sold to their
new owners, are registered at a value with
the deeds office which does not reflect any
market value. Over the years, there have
also been periodic sell-offs of rental stock
by councils which have not necessarily
taken place at market value. Such
distortions mean that in a repeat sales
index for Low Income Areas, many homes
prices come of a very low base not
reflective of market values, and show
major price inflation when resold at
market value at a later stage. We are thus
very careful as to how we interpret the
results in this Low Income Area Value Band.
Moving 1 value band up, however, we perhaps see more reliable support for the view that the lower end has
recently been showing relative strength, with some acceleration in the Lower-Middle Income Area Value
Band’s year-on-year house price growth, from a 3rd
quarter 7.1% to 7.6% in the 4th
quarter. This value band
now boasts the 2nd
highest average house price growth.
In the 3 area value bands above this, however, year-on-year house price growth slowed in the 4th
quarter of
2017, the Middle Income Area Value Band from 4.9% in the 3rd
quarter to 4.7%, the Upper Income Area Value
Band also from 4.9% to 4.7%, and the Luxury Area Value Band from 5.6% to 5.1%.
2. Therefore, while not yet having the slowest year-on-year house price growth, the Luxury Area Valua Band’s
rate has again slowed the most noticeably in the 4th
quarter of 2017.
On a quarter-on-quarter basis, a better indicator of recent price growth momentum than the year-on-year
calculation, there has been a strong convergence of the 3 highest priced area value bands. The Luxury Income
Area Value Band showed quarter-on-quarter growth of 1.2% in the 4th
quarter, while the Upper and Middle
Income Areas Value Bands showed slightly slower 1.1% growth.
Noticeably higher growth was seen in the
Lower Middle Income Area Value Band, to
the tune of 1.9%, and Low Income Areas
(with all the above-mentioned warnings)
at 3.8%.
This, in short, all points to superior
performance at the lower-priced end of
the market where average process are
well-below R1m.
However, the quarter-on-quarter house
price growth rates for the top 3 value
bands were all unchanged from their rates
in the previous quarter, possibly
suggesting that these market are heading towards “stabilization”, and the end of slowing house price growth.
The most significant year-on-year house price growth slowing in recent years has been in the Luxury Area
Value Band, from an 11% high back in the final quarter of 2014 to the most recent 5.1%, followed by the
Upper Income Value Band whose growth has slowed from 7.4% at the end of 2014 to 4.7%. But stabilizing
quarter-on-quarter growth rates of late may suggest that this year-on-year slowing is near its end.
FNB’S VALUERS HAVE ALSO PERCEIVED A MORE NOTICEABLE HIGH END WEAKENING OFF A HIGHER BASE
The more significant softening off a higher growth base by the higher end appears to tie in with what FNB’s
Valuers perceive about the market.
In the FNB Valuers’ Market Strength
Indices (MSI) by Income Areas (self-
defined by the valuers), the Upper Income
Area MSI has weakened the most, from a
multi-year high of 54.98 at the end of
2015 to 51.43 in the 4th
quarter of 2017.
By comparison , the Middle Income Area
MSI has declined slightly from 51.13 in the
3rd
quarter of 2015 to 50.35 in the 4th
quarter of 2017, while the Lower Income
Area MSI is marginally up from an end-of-
2015 48.86, to 49.77 in the final quarter of
2017.
In the past 2 quarters, the valuers as a group have even perceived a slight strengthening at the Lower Income
Area End.
The High End of the market thus appears to have led the slowdown of recent years
3. FNB ESTATE AGENT SURVEY ALSO POINTS TO MORE NOTICEABLE SLOWING AT UPPER END SINCE 2014
The more significant upper end slowing
has also been apparent in the FNB Estate
Agent Survey in recent years.
Upper End homes tend to “naturally” stay
on the market for a longer time on
average prior to sales than is the case at
the lower priced end.
However, from 2015 onward we began to
notice a widening in the gap in average
time of homes on the market between the
Luxury (High Net Worth) and Upper
Income Area segments on the one hand,
and the Middle and Lower Income Area
segments on the other hand.
We must just mention that our agent survey’s income areas are self-defined by agents, so average home
values per segment differ markedly from our own area value band segmentations.
In 2014, the “Lower Income” Area segment (average value = R1.086 million) showed an average time of
homes on the market of 11.54 weeks. This average time has shortened to a 9.43 weeks average for the entire
2017. Middle Income Areas (average price = R2.067 million) saw average time on market go higher from a
10.18 weeks average in 2014 to 14.36 weeks in 2017. The increase in average time on the market in the
Upper Income Area segment (average price = R2.955 million) was also significant, from 13.36 weeks in 2014
to 17.71 weeks in 2017. But the most significant increase in average time on the market was to be found in
the “High Net Worth” Areas (average value = R6.193 million), rising from 15.86 weeks in 2014 to 23.25 weeks
2017.
In short, since 2014, the higher up the income area ladder we go the more significant the rise in average time
of homes on the market appears to have been from 2014 to 2017. This picture broadly ties in with the FNB
Area Value Band House Price Index picture, where the Luxury Area Value Band has shown the most
significant slowing off a higher price growth base.
IN CONCLUSION
The house price growth differential between the 3 highest priced FNB Area Value Band House Price Indices
has narrowed of late, with all 3 of these segments having shown recent growth slowing. But unchanged
quarter-on-quarter growth rates in the 3 most expensive area value bands suggests that slowing year-on-
year growth in these 3 value bands may be near its end.
However, the Lower Middle Income and Low Income Area Value Bands saw further accelerations in house
price growth in the 4th
quarter, and outperformed the rest.
Sentiment in South Africa early in 2018 seems improved, leading economic indicators have been pointing
towards a strengthening economy in the near term, and it seems plausible that 2018 could be a mildly
stronger year for all housing market segments. However, we believe that despite any economic improvement
the Household Sector will remain financially constrained, searching for home affordability as a result, and
that this will lead to the lower priced value bands continuing to outperform the higher end this year.
JOHN LOOS:
HOUSEHOLD AND PROPERTY SECTOR STRATEGIST
MARKET ANALYTICS AND SCENARIO FORECASTING UNIT: FNB HOME LOANS
Tel: 087-328 0151
John.loos@fnb.co.za
The information in this publication is derived from sources which are regarded as accurate and reliable, is of a general nature only, does not constitute
advice and may not be applicable to all circumstances. Detailed advice should be obtained in individual cases. No responsibility for any error, omission
or loss sustained by any person acting or refraining from acting as a result of this publication is accepted by Firstrand Group Limited and / or the authors
of the material.
First National Bank – a division of FirstRand Bank Limited. An Authorised Financial Services provider. Reg No. 1929/001225/06
4. Note:
The FNB Area Value Band House Price Indices are derived from Deeds Office Data, utilizing only property
transactions by individuals (“natural persons”). There are 5 Area Value Band Indices. The areas are grouped
into quintiles according to their average transaction price over the 5 years from 2012 to 2016. A quintile does
not represent 20% of all areas, but rather a group of areas whose transaction volume (also over the 5 year
period 2012 to 2016) accounts for 20% of total transaction volume. For example, Quintile 1, named the
“Luxury Area Value Band”, is the group of areas with the highest transaction price averages in South Africa,
making up 20% of the total volume of property transactions by individuals.
The indices are named as follows:
Quintile 1 – Luxury Area Value Band House Price Index
Quintile 2 – Upper Income Area Value Band House Price Index
Quintile 3 – Middle Income Area Value Band House Price Index
Quintile 4 – Lower Middle Income Area Value Band House Price Index
Quintile 5 – Low Income Area Value Band House Price Index
The index methodology used is a “repeat sales” methodology
Given that deeds data is a different dataset to our monthly FNB National House Price Index, and more dated
than our own FNB data, the Area Value Band Indices are not exactly comparable with it.
Note on the FNB Valuers’ Market Strength Index: *When an FNB valuer values a property, he/she is required
to provide a rating of demand as well as supply for property in the specific area. The demand and supply
rating categories are a simple “good (100)”, “average (50)”, and “weak (0)”. From all of these ratings we
compile an aggregate demand and an aggregate supply rating, which are expressed on a scale of 0 to 100.
After aggregating the individual demand and supply ratings, we subtract the aggregate supply rating from
the demand rating, add 100 to the difference, and divide by 2, so that the FNB Valuers’ Residential Market
Strength Index is also depicted on a scale of 0 to 100 with 50 being the point where supply and demand are
equal.
5. 2015 2016 2017 Q1-2017 Q2-2017 Q3-2017 Q4-2017
HOUSE PRICE INDICES BY AREA VALUE BAND
Luxury Areas (Index Q1 2001 = 100) 587.7 640.8 679.9 667.6 676.0 684.0 692.0
- year-on-year % change 10.7% 9.0% 6.1% 7.3% 6.4% 5.6% 5.1%
- quarter-on-quarter % change 1.4% 1.3% 1.2% 1.2%
Upper Income Areas (Index Q1 2001 = 100) 479.0 510.0 536.2 527.0 533.2 539.2 545.4
- year-on-year % change 7.1% 6.5% 5.1% 5.7% 5.3% 4.9% 4.7%
- quarter-on-quarter % change 1.2% 1.2% 1.1% 1.1%
Middle Income Areas (Index Q1 2001 = 100) 482.5 508.5 534.0 524.9 531.1 537.0 543.0
- year-on-year % change 6.0% 5.4% 5.0% 5.2% 5.1% 4.9% 4.7%
- quarter-on-quarter % change 1.3% 1.2% 1.1% 1.1%
Lower-Middle Income Areas (Index Q1 2001 = 100) 555.1 591.0 631.2 613.5 624.9 637.3 649.3
- year-on-year % change 6.8% 6.5% 6.8% 6.0% 6.5% 7.1% 7.6%
- quarter-on-quarter % change 1.6% 1.9% 2.0% 1.9%
Low Income Areas (Index Q1 2001 = 100) 722.3 822.0 931.1 884.5 911.7 946.3 982.1
- year-on-year % change 13.3% 13.8% 13.3% 12.7% 12.7% 13.5% 14.2%
- quarter-on-quarter % change 2.9% 3.1% 3.8% 3.8%
AVERAGE HOUSE PRICE INDEX BY AREA VALUE BAND