Thursday, June 28, 2007
Link to abbrieved snapshot on todays release from Nationwide
"The resilience of the housing market will be another component to add to the rate rise camp's argument. Earlier house price data had shown the start of a slowing in the market, but while too much emphasis should not be placed on one month's figures, the fact that today's data shows a bit of a bounce will add to the upside risks being counted up at the Bank of England. While we expected interest rates to increase to 5.75% in August, this news, together with the revelation that rates remained on hold by only the narrowest of margins in June, will set the stage for that rate rise to move forward to July and for the risk of a rise to 6% to increase significantly.