The latest Chief Economist's Weekly Brief form National Westminster Bank suggests that the large supply of housing stock, compared with falling demand, will continue to ‘weigh the market down’ and cause a ‘drag’ on the general economic recovery happening within the US. This is evidenced by US house prices falling by 0.5% m/m in November (1.6%y/y) bringing them down to 2003 levels. This is 30% below the peak and only 3% above the 2009 trough.
Morgan Jones and Pett are solicitors who provide legal advice and services to clients based in England and Wales and who can be contacted on 01603877000 or via email at davidpett@m-j-p.co.uk
