Morning Brief – UK House Prices

UK House Prices

Much being made of the fact that UK house prices have fallen 3.8% in the year to July. More seasoned commentators are doubtless thinking that firstly it is surprising for now at least that they have not fallen further, and secondly that they will have further to fall as the multiple interest rate rises finally do feed through. The issue is twofold: first off many homeowners have never seen a fall of any magnitude and by that I mean 20%, and secondly that many homeowners believe that they are living in a stable tradeable asset that never declines in value instead of, well a house or flat. Not that we would ever wish for the seesaw price action that was common in the 1970’s/1980’s/1990’s of course, but the current scenario of a soft landing for the housing market in this interest rate environment is based more on hope than historical data.

GBP/EUR 1.1640.

X Rated

Elon Musk does not need our sympathy given his status as the world’s richest man by some distance, but he must feel just a bit unloved as the San Francisco city fathers turn the screw on him and his decision to re-brand Twitter as X with a large new X sign on his building. That has prompted 24 complaints which does not sound much but is enough apparently to result in San Francisco levying a so far undisclosed fine on X for erecting the sign without the requisite building permission.

EUR/USD 1.0975.

COP28

For climate activists this year’s meeting is due to take place in November in Dubai which is in line with Dubai’s determination to be a global mega city of influence. What is more surprising is that the UAE state has announced that it will tolerate climate activists provided they assemble peacefully. JSO warriors might want to read the press release rather carefully from yesterday as Dubai does not have a cast iron reputation for tolerance.

Scottish Tree Huggers

If you have been pre-occupied with Formula One or more likely Test Cricket over the past days, it may have passed you by that a keenly followed event has been unfolding on the shores of Loch Sunart in the Highlands of Scotland: the Scottish Tree Hugging Contest 2023 which is part of the World Championships which is held annually in Finland. Contestants are judged on their abilities in three categories: Speed Hugging, Dedication and Freestyle. Dedication if you are still reading at this point, allows contestants to demonstrate intention, love and respect to a particular tree. Gripping stuff.

GBP/USD 1.2775.

Hard Days Night

This day in 1998 The Beatles were named in a poll as the Favourite Recording Artists of All Time beating off challenges from in order Elvis Presley, Frank Sinatra, Queen and Elton John.

It’s been a hard day’s night
And I’ve been workin’ like a dog
It’s been a hard day’s night
I should be sleepin’ like a log
But when I get home to you
I find the things that you do
Will make me feel alright

You know I work all day
To get you money to buy you things
And it’s worth it just to hear you say
You’re gonna give me everything
So why on Earth should I moan?
‘Cause when I get you alone
You know I feel okay

When I’m home
Everything seems to be right
When I’m home
Feeling you holding me tight, tight, yeah

It’s been a hard day’s night
And I’ve been workin’ like a dog
It’s been a hard day’s night
I should be sleepin’ like a log
But when I get home to you
I find the things that you do
Will make me feel alright, ow

So why on Earth should I moan?
‘Cause when I get you alone
You know I feel okay

When I’m home
Everything seems to be right
When I’m home
Feeling you holding me tight, tight, yeah

Oh, it’s been a hard day’s night
And I’ve been workin’ like a dog
It’s been a hard day’s night
I should be sleepin’ like a log
But when I get home to you
I find the things that you do
Will make me feel alright
You know I feel alright
You know I feel alright

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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