A UK house price index has fallen to its lowest level since 2023.
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The Royal Institution of Chartered Surveyors' house price confidence index fell by 9 percentage points to -34, marking a new low since November 2023. This data indicates that the number of agents bearish on house prices far exceeds those who are optimistic. Against the backdrop of global pressures, house prices are expected to continue declining in the short term. Tarrant Parsons, the Institution's Head of Market Research and Analysis, stated that the real estate market "remains deeply mired in the macroeconomic headwinds brought about by the Middle East geopolitical conflicts."
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