The long-term house price index which is calculated relative to the base quarter for the survey in 1984 now stands at 850.98 representing a further decline in the index relative to the peak of the cycle.
Although the short-term trend of the house price index has been downward when viewed over the longer-term perspective residential property has produced significant returns from capital value appreciation. The index highlights the still highly significant gap between house price growth and the rate of inflation in the economy.
