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UK House Prices will fall as Outlook is Bleak
By Barbara Rockefeller of IMS Foreign Exchange
Moody’s downgraded 9 building societies (mortgage lenders), saying it was based on
stress-testing scenarios that incorporated a peak-to-trough decline in house prices of 40%. Holy cow.
Also in the UK, the British Retail Consortium reported like-for-like retail sales down 1.2% y/y in March
and a rise of only 0.6% y/y. The BRC blames the timing of Easter for some of it. For Q1, like-for-like sales
were down only 0.7% y/y but total sales were up 1.2%, which shows less than total demand destruction,
says Market News. We say such an interpretation is clutching at straws.
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Contributor's Note
Sterling may benefit from no more bad news
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This intel was contributed by imsfx
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May, 2012
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