Movements in REIT pricing provide a good indication of where property capital values are heading. And the latest data are consistent with our expectation that all-property values will see a peak-to-trough fall of around 20% by the end of this year. But with REIT pricing having stabilised since October, and gilt yields set to fall back, capital values should see a gradual recovery of around 3% a year from 2024-26.
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