UK data – RICS house price indicator falls to its lowest since 2009 | Forexlive

Royal Institution of Chartered Surveyors (RICS) house price balance

• fell to -47 in January from -42 in December
• its lowest since April of 2009
• measures the gap between the percentage of surveyors seeing rises and falls in house prices
• measure of interest from buyers also fell to -47, its lowest since October last year

Simon Rubinsohn, chief economist at RICS:

• said the overall mood of the market as measured by surveyors remained subdued
• “However, it is questionable how much downside to pricing there is likely to be given that recent macro forecasts from the Bank of England and others are now envisaging a less harsh economic environment this year,”

Info via Reuters

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Separately, the UK Times newspaper is reporting that UK Chancellor Hunt is under pressure from the employers group, CBI, to provide tax breaks in the budget to avert a recession.