WELLINGTON, May 20 (Reuters) - Confidence in New Zealand's housing market fell to its lowest in 12 years in the three months to April, as high interest rates and a slowing economy dented sentiment, a survey by the ASB Bank showed on Tuesday.
The survey showed the number of people expecting lower house prices over the next 12 months was a net 34 percent in the February-April period, compared with a net 1 percent expecting higher prices in the previous survey.
It was the lowest level since the survey's introduction in 1996.
"One reason for the low level of price expectations is the persistently high level of home loan rates, especially the fixed rates that the majority of loans now attract," ASB chief economist Nick Tuffley said in a statement.
The RBNZ has held interest rates at a record 8.25 percent after raising them by 100 basis points between last March to July last year to to cool inflation, particularly in the housing market.
Local lending rates have also been driven higher by the fallout from the global credit market turmoil, which has seen banks funding costs rise sharply.
A net 54 percent of those surveyed expected interest rates to rise in the next 12 months, up from 46 percent in the previous quarter.
Last month the central bank repeated it was seeing signs of a slowdown in the economy, but said it expected to keep rates on hold for some time because of persistent inflation pressures.
However, data in the past month has pointed to a sharp slowing in the economy, and consumer and business confidence at multi-year lows.
"The balance of forces has swung in the buyers' favour, but not far enough to suggest a surge in buyer demand is imminent," Tuffley said.
A net 9 percent of those surveyed thought it was a bad time to buy a house, compared with zero in the previous survey, but an 18 percent negative reading in the final quarter of last year.
"The risk of income loss and the likelihood of only modest income growth in the next two to three years suggest any eventual pick up in housing demand will be moderate."
The latest data from government agency Quotable Value showed annual house price inflation eased for the eight consecutive month in April, while industry data showed the number of sales fell to a 16-year low. (Reporting by Gyles Beckford; Editing by James Thornhill) ((gyles.beckford@reuters.com ; +64 4 471 4231; Reuters Messaging: gyles.beckford.reuters.com@reuters.net)) Keywords: x
WELLINGTON, May 20 (Reuters) - Confidence in New Zealand's housing market fell to its lowest in 12 years in the three months to April, as high interest rates and a slowing economy dented sentiment, a survey by the ASB Bank showed on Tuesday.
The survey showed the number of people expecting lower house prices over the next 12 months was a net 34 percent in the February-April period, compared with a net 1 percent expecting higher prices in the previous survey.
It was the lowest level since the survey's introduction in 1996.
"One reason for the low level of price expectations is the persistently high level of home loan rates, especially the fixed rates that the majority of loans now attract," ASB chief economist Nick Tuffley said in a statement.
The RBNZ has held interest rates at a record 8.25 percent after raising them by 100 basis points between last March to July last year to to cool inflation, particularly in the housing market.
Local lending rates have also been driven higher by the fallout from the global credit market turmoil, which has seen banks funding costs rise sharply.
A net 54 percent of those surveyed expected interest rates to rise in the next 12 months, up from 46 percent in the previous quarter.
Last month the central bank repeated it was seeing signs of a slowdown in the economy, but said it expected to keep rates on hold for some time because of persistent inflation pressures.
However, data in the past month has pointed to a sharp slowing in the economy, and consumer and business confidence at multi-year lows.
"The balance of forces has swung in the buyers' favour, but not far enough to suggest a surge in buyer demand is imminent," Tuffley said.
A net 9 percent of those surveyed thought it was a bad time to buy a house, compared with zero in the previous survey, but an 18 percent negative reading in the final quarter of last year.
"The risk of income loss and the likelihood of only modest income growth in the next two to three years suggest any eventual pick up in housing demand will be moderate."
The latest data from government agency Quotable Value showed annual house price inflation eased for the eight consecutive month in April, while industry data showed the number of sales fell to a 16-year low. (Reporting by Gyles Beckford; Editing by James Thornhill) ((gyles.beckford@reuters.com ; +64 4 471 4231; Reuters Messaging: gyles.beckford.reuters.com@reuters.net)) Keywords: NEWZEALAND ECONOMY/HOUSING
LONDON, May 19 (Reuters) - Hampshire pace bowler Chris Tremlett was called up on Monday to the England squad for the second test against New Zealand starting at Old Trafford in Manchester on Friday.
Tremlett replaces Matthew Hoggard, whose thumb was fractured by Steve Harmison while he was playing for his county Yorkshire against Durham last Friday.
Hoggard had been omitted from the final XI for the first test which ended in a draw at Lord's on Monday.
"Chris performed well in last summer's test series against India and was unfortunate to have to return home early from the tour of New Zealand through injury," selector Geoff Miller said in a statement.
(Reporting by John Mehaffey; editing by Pritha Sarkar
((john.mehaffey@reuters.com; +442075427933; Reuters Messaging: john.mehaffey.reuters.com@reuters.net; For the latest Reuters Premier League and international football news see: http://football.uk.reuters.com/))
Please double click on the newslink below:
[CRIC-LEN] for more cricket stories
Keywords: CRICKET ZEALAND/ENGLAND TREMLETT
(adds detail)
By John Mehaffey
LONDON, May 19 (Reuters) - New Zealand all-rounder Jacob Oram chose the right occasion and the perfect venue to score his first test century against England on Monday with a match-saving innings in the first test at Lord's.
New Zealand held an overall lead of only 78 with four wickets down when wicketkeeper Brendon McCullum retired hurt and was taken to hospital after a blow to his left forearm
Oram found a doughty partner in Daniel Flynn, who had struggled in his first innings debut, but who now batted with grit and intelligence to score 22 in a partnership of 132.
He reached his fifth test century from 120 balls, accelerating in the second half, when he was bowled for 101 by Ryan Sidebottom.
By then he had taken New Zealand to the safety of a draw after 153.2 overs had been lost to rain and bad light on the first three days.
At the close the Kiwis were for 269 for six with Flynn on 29 and in good heart for the second test starting at Old Trafford in Manchester on Friday.
New Zealand, who resumed at 40 for no wicket, an overall deficit of two, lost Aaron Redmond for 17 caught at first slip by Andrew Strauss off James Anderson.
James Marshall fell lbw for a duck 17 balls later to Sidebottom and Jamie How was lucky to escape when he was dropped by Strauss off Broad on 46.
How reached his second test fifty with a slash for four over the slips off Broad and had taken his total to 68 when he was adroitly caught at third slip by Alastair Cook off Broad. Ross Taylor had already departed lbw to Monty Panesar for 20.
ORAM CHARGE
McCullum's departure was the low point for New Zealand but Oram chose it as the moment to take control.
The left-hander used his long reach to negate Panesar's left-arm spin and relieved the pressure with a sweep off the same bowler for six.
A square-drive off Sidebottom brought up the 50 partnership and when tea was taken at 199 for four, the Kiwis could be reasonably content with their day's work.
After the interval, Oram thumped Broad through the off-side for four and unwound to smack Kevin Pietersen's off-spin into the pavilion for his second six. A swept four followed and Sidebottom with the second new ball for once held no terrors.
Oram leaned back to drive a deceptively casual four through the covers to go into the nineties and played a perfectly timed drive off the front foot to the long-off boundary in the same over.
He reached his fifth test century from the following ball with a push which sped to the extra-cover boundary.
Oram struck two sixes and 15 fours and his second fifty came from just 53 balls.
McCullum, relieved that an X-ray had revealed no fracture to his arm, returned after Oram's dismissal to play some attractive shots before he was caught behind for 24. After clouds rolled across the ground the umpires consulted and decided to call play off at 1605GMT. (Editing by Miles Evans) ((john.mehaffey@reuters.com; +442075427933; Reuters Messaging: john.mehaffey.reuters.com@reuters.net; For the latest Reuters Premier League and international football news see: http://football.uk.reuters.com/))
Please double click on the newslink below:
[CRIC-LEN] for more cricket stories
Keywords: CRICKET ZEALAND/
May 19 (Reuters) - Scoreboard at the close on the fifth and
final day of the first test between England and New Zealand at
Lord's, London, on Monday.
New Zealand first innings 277 (B.McCullum 97)
England first innings 319 (M.Vaughan 106, D.Vettori 5-69)
New Zealand second innings
J. How c Cook b Broad 68
A. Redmond c Strauss b Anderson 17
J. Marshall lbw b Sidebottom 0
R. Taylor lbw b Panesar 20
B. McCullum b Anderson 24
D. Flynn not out 29
J. Oram b Sidebottom 101
D. Vettori not out 0
Extras (b-4, lb-5, nb-1) 10
Total: (for six wickets, 86.2 overs) 269
Fall of wickets: 1-47 2-52 3-99 4-115 5-252 6-269
Bowling: Sidebottom 21.2-4-65-2, Anderson 19-5-64-2, Broad
17-4-54-1 (1nb), Panesar 24-8-56-1, K. Pietersen 5-0-21-0
(Edited by Patrick Johnston)
((patrick.johnston@reuters.com; +44207 542 7933; Reuters
Messaging: patrick.johnston.reuters.com@reuters.net; For the
latest Reuters Premier League and international football news
see: http://football.uk.reuters.com/))
Please double click on the news links below:
[CRIC-LEN] for more cricket stories
Keywords: CRICKET ZEALAND/SCOREBOARD CLOSE
Next: UPDATE 2-Cricket-Oram century ensures draw for New Zealand