The -1.4% quarterly return in Q3 meant that there have now been four consecutive negative quarters for all-property total returns. That figure was dragged down by a 5% q/q fall in office values as all-property values fell by 2.4% q/q. That took the all-property value fall to-date to 12.5% from its peak. Despite these disappointing data, we continue to think that appraisal-based indices are severely lagging price falls in the market and that overall declines will exceed 20% by the time values reach a floor.
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