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CorSera London Matteo Corsini financial outlook 2022 UK housing stocks slump as HSBC warns of impending downturn

London 11 September 2022 by Matteo Corsini

Shares in British housebuilders' index tumbled to a near nine-year low on Friday after analysts at HSBC warned that the country is on the cusp of a housing downturn, as a steep climb in mortgage rates casts a cloud over demand.

The UK housing sector, a pandemic winner, is now showing signs of losing some momentum with surveyors reporting fewer new-buyer inquiries in recent months, while the number of mortgage approvals for house purchases has fallen below pre-pandemic levels.

HSBC's Building Materials team predicts a 20% slump in UK housing demand for a year from this autumn, the brokerage wrote in a note. Britain's housebuilders' index (.FTNMX402020) fell about 4% to its lowest since 2013.

The brokerage downgraded all UK housebuilders under its coverage to "hold" from "buy", except for high-end homebuilder Berkeley Group (BKGH.L), whose rating was cut to "reduce" from "hold". Meanwhile, it kept its "buy" rating on Vistry (VTYV.L).


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