Housebuilders Persimmon and Vistry report next week, which will give an insight into how the recent rises in interest and mortgage rates are affecting housing demand.
Not that the market is taking any notice, it has already seemingly decided that the market is heading if not for a crash then for a very bumpy landing.
How so, well Persimmon now yields 12% based on the dividend and special announced last year and even on the ordinary payout of 125p, that dividend yield is still 6.7%.
Vistry, too, is yielding 7.3% based on its last dividend while share prices on both builders are down by heading toward a third this year so far.
The only seeming justification for that is that there is something nasty just around the corner in the UK housing market, especially as issues such as the cladding scandal seem to be losing their impact unless you are one of the unfortunate people to live in an affected building.
Build and raw material costs have also been rising but broker Peel Hunt says even with these it expects a strong update from both companies.
Earlier this year, Persimmon said sales rates were running 2% ahead of 2021 while the order backlog was £2.8bn or 7% lower than the prior year, which it added reflected a reduced number of outlets.
Average selling prices were 6% ahead, at £266,00, while it reiterated volume growth expectations of 4-7%.
Vistry also has a strong partnerships arm that Peel Hunt says should continue to trade 'pretty well' given the shortage of affordable housing and demand from housing associations and buy-to-rent.
Year-to-date, its shares have dropped 27% versus a 31% sector decline.
So is the market right? Next week’s updates should make things clearer with all eyes on the forward order book, number of active outlets, cancellation rates and mortgage capacity of both groups’ customers.