House prices have started to drop again. Should we be surprised? The information provided suggests not. The index tracking instructions has been greater than the index tracking enquiries every month this year. But in recent months the gap between the two indices has been growing. RICS is not owning up to this, but surely the fact that the headline index has only just turned negative is a reflection of what these underlying indices were saying several months ago, and the recent developments are unlikely to show up in the headline index for a little while yet.

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