Back-to-back house price declines in February in March, before the full effects of the Iran war on mortgage rates would even have been felt, suggest now is the time to downgrade our forecast. Rather than predicting a price decline, however, we are just trimming our house price growth forecast for this year to 1% (from 3% previously), given near term leading indicators of prices still do not look that bad and favourable base effects still have yet to fully come into play.
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