A very interesting RICS survey in January 2023 asked respondents where they thought we were in the property cycle. The Property Cycle is one way of representing property market movements as either positive in boom times or negative in a depression. Typically, observers commonly refer to a cycle in the property market completing over a 10 year period. So where are we in the current cycle? Some 49% of respondents thought we were in the early stages of a downturn. Whilst 35% thought we were in the middle of a down turn; and 9% though we were at the bottom of the downturn. Bizarrely 7% of respondents thought we were in an upturn of whom 1% thought we were in a peak. I can only assume these respondents were in the data centre market). In January I would have been saying mid downturn but now I think we are bottoming out. I think interest rates are close to their peak and that as rates start to come down the market will bounce. What do you think?
