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Lower Treasury yield forecasts support property pricing

We have pulled back our expectations for Treasury yield rises this year and, to a lesser extent, next year. At the margin, this is positive for real estate pricing as it means that the property to bond yield gap will stay wider for longer. However, with the cut to the 2022 forecast being minor and no change to the end-2023 forecast, we don’t expect this to have a major impact on the outlook for property pricing.

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