Chart 7 from Rightmove via Bloomberg is the latest in a succession of data’s indicating a slowdown in the UK housing market. Rightmove tracks asking prices and publish at least one month ahead of other surveys and year on year growth for December down to 1.2% represents a low point in a rather grim trend since mid-2016 and, arguably, since mid-2014. My preferred survey is the LSL Acadata Index which dropped to +0.8% year on year in October, which is the slowest since March 2012. The RICS survey of estate agents is a good indication of the direction and pace of house prices and fell to a lowly net +1% in October reporting higher prices. The Nationwide and Halifax indices measure prices of houses newly mortgaged exclusively by them and are also falling, albeit from much higher levels. They all report falls of varying magnitude in London, little change in the South East and increases of up to 4% in most other regions. Transaction volumes are below normal levels and the Bank of England is reporting lower lending by the banks and building societies. As if all that is not sufficiently depressing, consider another unfavourable ‘planetary alignment’: persisting slow growth in average earnings, higher cost inflation, rising interest rates (albeit very gently) and the prospect of a Labour Government elected on the back of popular discontent (not least over the housing market) and looking to raise taxes on the ‘better off’. This cannot be blamed on Brexit although the trend has definitely worsened since summer 2016. The most likely cause is the previous exuberant cycle. However, the UK’s predilection for house ownership is unlikely to be dampened for so very long and another cycle will surely begin.