It has been a case of so far so good for the UK housing market in 2024. Interest rates on newly drawn mortgages have dipped for the first time since November 2021, and according to the Nationwide House Price Index, prices rose in January.
But the timing of much-anticipated base rate cuts from the Bank of England (BoE) remains uncertain, and the pace is likely to be relatively cautious. Economists see rates falling to around 4.25 per cent by the end of 2024.
This will only do so much to ease the squeeze on homeowners. According to Robert Gardner, Nationwide's chief economist, mortgage rates would need to fall to 3 per cent to bring payments as a proportion of take-home pay back towards the long-run average. Nationwide HPI and BoE mortgage figures will both be released on Thursday.
Monday 26 February
Japan: Inflation, core inflation
US: Building permits, new home sales, Dallas Fed Index
Tuesday 27 February
Euro area: M3 money supply
Japan: Real wages, total cash earning
UK: BRC shop price index
US: Core capital goods, durable goods orders, FHFA HPI, consumer confidence, Richmond Fed Index
Wednesday 28 February
Euro area: Business climate, consumer, economic, industrial and services confidence
Japan: Trade balance, leading index, industrial production, retail sales
US: Q4 GDP (second estimate), wholesale inventories
Thursday 29 February
Japan: Construction orders, housing starts, unemployment rate
UK: Nationwide HPI, BoE mortgage and credit data, M4 money supply
US: Auto sales, PCE inflation, core PCE inflation, personal consumption, personal income, Chicago PMI, pending home sales, Kansas City Fed Manufacturing Index
Friday 1 March
China: Manufacturing, non-manufacturing and services PMIs
Euro area: Manufacturing PMI, inflation, unemployment
Japan: Manufacturing PMI, consumer confidence
US: Manufacturing PMI, Michigan Sentiment (final), ISM Manufacturing
