Hometrack recorded the fourth consecutive monthly fall in January, of 0.3%, leaving annual inflation at 2.3%, the lowest rate of growth since June 2006. It could have been much worse, but a lack of supply is apparently supporting prices. Meanwhile, the Centre for Economics and Business Research is predicting a 5.5% fall in 2008, followed by a rise of 3% in 2009, and increasing rates of profit in 2010, 2011 and 2012. Place your bets.

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