2020-07-05 May update

May update

Transactions through end May were published by the Land Registry end June. Virtually no transactions are recorded for April or May, however as usual some backfill of earlier transactions did occur. Analysis is truncated at end March. All factors are close to zero, most notably the cyclical factors, reflecting very little differential performance in the run-up to the lockdown. This is not a technical phenomenon attributable to the estimation methods or lack of data - it is genuinely somewhat surprising. It will of course be interesting to see what shows up in the next update, incorporating June. Stay tuned.