DAVY VIEW

This morning’s RICS survey suggests that conditions in the UK housing market remain very weak, with prices still falling and new buyer enquiries falling away. This pours cold water on hopes for a rebound in activity, spurred by the surprise rise in the Halifax house price index – which is at odds with both today’s RICS release and the alternative Nationwide measure, down for seven consecutive months to March. On a more upbeat note, this morning’s UK GDP data, up 0.1% in the three months to February, suggest the economy is now more likely to avoid a technical recession in 2023.