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Co-founder & CEO of AllenWargent property buyers & WargentAdvisory (subscription market analysis for institutional clients).
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Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), and CEO of WargentAdvisory (providing subscription analysis, reports & services to institutional clients).
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.
"Pete Wargent is one of Australia's brightest financial minds - a must-follow for articulate, accurate & in-depth analysis." - David Scutt, Business Insider, leading Australian market analyst.
"I've been investing for over 40 years & read nearly every investment book ever written yet I still learned new concepts in his books. Pete Wargent is one of Australia's finest young financial commentators." - Michael Yardney, Australia's leading property expert, Amazon #1 best-selling author.
"The most knowledgeable person on Aussie real estate markets - Pete's work is great, loads of good data and charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, and author of the New York Times bestsellers 'End Game' and 'Code Red'.
"Pete's daily analysis is unputdownable" - Dr. Chris Caton, Chief Economist, BT Financial.
Tuesday, 29 April 2014
Surging UK house prices lift confidence sharply
Reports of the death of the wealth effect have been greatly exaggerated, to coin a phrase. In fact, it's hard to believe anyone thought it would be any different this time, to be blunt.
Rising house prices, rising consumer confidence - it's as embedded in the British way of life as football, rainy weather and Eastenders.
Take particular note of the final sentence highlighted in bold below.
"Surging house prices have lifted UK economic confidence to its highest level since before the onset of the financial crisis, according to new research.
With official figures on Tuesday expected to show the UK economy grew at its fastest pace in more than six years, a survey by the Centre for Economics and Business Research (CEBR) and YouGov showed consumer confidence in April rose to its highest level since August 2007.
The YouGov/Cebr consumer confidence index rose by 1.2 points in April to 112.9. This was its highest level since August 2007, and much higher than the long-run average of 94.7.
Official figures today are expected to show the economy grew 0.9pc in the first quarter, up from 0.7pc in the final quarter of 2013. This would represent the fifth consecutive quarter of growth, and on an annualised basis, the strongest rate of expansion since the final quarter of 2007.
A separate report by Grant Thornton on Monday showed that optimism among UK businesses is at its highest level since records began in 1992."
As I charted here, UK total employment is at a record high with the economy adding at a tremendous pace - 250,000 job between November and February - and the unemployment rate has kept ticking down to 6.9%.
GDP for the first quarter also today recorded a fifth consecutive quarter of growth at 0.8%.