ONS new home selling prices in Q117 for London: £448k, down from £499k in Q416. A 10% drop, but a bump in existing home prices masks this for London overall. No doubt some of this is mix, with sales of affordable homes probably doing OK in Q1, while the prime markets seized up. Evidence from Q2 however is an acceleration of price reductions in prime and the beginnings of weakness outside of that.
Housebuilding has become a hot topic in the election. The class of feckless politicos that rule the country have worked out that house building might win votes and after two decades of inaction are now competing to build 1m new affordable homes.
Meanwhile Carney and May are planning to give Trump some competition in the weakest developed market currency race.
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