There is a clear indication that the housing market is showing a sustained, but moderate pickup. In terms of spending this is positive because it boosts confidence and the amount of money homeowners can borrow against the value of their homes.
They are flying blind. A lot of the figures are ancient.
I don't think this kind of growth can be supported by international investors. It must be driven by organic, domestic growth.
Low interest rates have really been powering these markets. The ECB is worried it is signaling inflation further down the line, but in the U.K. you have had very strong house-price rises, and no real pickup in general price inflation.
