Recession to extend the falls in capital values

Despite the stability of rents in March, IPD all-property capital values fell by a further 0.3%m/m. That was the fifth consecutive decline. Admittedly, the cumulative falls in capital values since October have only been 0.8%. But the weak rental outlook, combined with the scope for fragile risk appetites to edge property yields higher, points to further capital value falls ahead.

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