This compares the last 12 months against the worst the market has ever been and the best the market has ever been.
This gives us a sense of where we set compared to historic movements in the property market.
Take the example of annual house price growth.
12 months ago, we had some of the fastest house price growth ever seen.
Today we have the fastest house price declines we have ever seen.
What I’m trying to demonstrate is how far the market has already moved.
Though there are some signs that the market’s momentum is improving.
Look at the quarterly change in house prices. You can see how the market is becoming less cold than it was 3 months ago.
That doesn’t mean that house prices are increasing. But they are falling at a slower rate.