Although any negative number is disappointing, the result, -19, was especially disappointing as it breaks a trend of improvement which had continued since October.
The index is a reasonable leading indicator for property prices and so, just like mortgage approvals which I mentioned in last week’s Week In Review, Rob’s mention of Buy to Let yields and his analysis of affordability, the opinions for surveyors point to further stagnation in the UK housing market.
Source: HBOS/Bank of England
Source: Royal Institute of Chartered Surveyors/Nationwide
Head of Portfolio Strategy