As importantly, it is clear that any price falls will not be evenly distributed. Deeper seams of equity should lessen the blow in prime markets.
The pace of any recovery will also be uneven. And the timing of such a recovery will depend on there being the prospect of interest rates being cut, which in turn is reliant on the Bank of England being confident that inflation has been brought under control.
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Lucian Cook is head of residential research at Savills UK
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