The rate of UK house price inflation has been steadily falling from its peak of over 10% yoy in mid-2014 and now stands at roughly half that level. The RICS housing survey for March should corroborate that continuing weakness with both the price and price expectations series remaining close to the February levels or even dropping a little. In the chart the relationship between a measure of excess demand (RICS new buyer enquiries minus new vendor instructions) and the RICS price index lagged 10 months. This strongly points to a further fall in the price index in the coming months. 

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