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Property prices have left economic growth behind

House Price Index and nominal GDP (index starting at 100 in 1983)

House Price Index

Nominal GDP

Mar 83Jun 83Sep 83Dec 83Mar 84Jun 84Sep 84Dec 84Mar 85Jun 85Sep 85Dec 85Mar 86Jun 86Sep 86Dec 86Mar 87Jun 87Sep 87Dec 87Mar 88Jun 88Sep 88Dec 88Mar 89Jun 89Sep 89Dec 89Mar 90Jun 90Sep 90Dec 90Mar 91Jun 91Sep 91Dec 91Mar 92Jun 92Sep 92Dec 92Mar 93Jun 93Sep 93Dec 93Mar 94Jun 94Sep 94Dec 94Mar 95Jun 95Sep 95Dec 95Mar 96Jun 96Sep 96Dec 96Mar 97Jun 97Sep 97Dec 97Mar 98Jun 98Sep 98Dec 98Mar 99Jun 99Sep 99Dec 99Mar 00Jun 00Sep 00Dec 00Mar 01Jun 01Sep 01Dec 01Mar 02Jun 02Sep 02Dec 02Mar 03Jun 03Sep 03Dec 03Mar 04Jun 04Sep 04Dec 04Mar 05Jun 05Sep 05Dec 05Mar 06Jun 06Sep 06Dec 06Mar 07Jun 07Sep 07Dec 07Mar 08Jun 08Sep 08Dec 08Mar 09Jun 09Sep 09Dec 09Mar 10Jun 10Sep 10Dec 10Mar 11Jun 11Sep 11Dec 11Mar 12Jun 12Sep 12Dec 12Mar 13Jun 13Sep 13Dec 13Mar 14Jun 14Sep 14Dec 14Mar 15Jun 15Sep 15Dec 15Mar 16Jun 16Sep 16Dec 16Mar 17Jun 17Sep 17Dec 17Mar 18Jun 18Sep 18Dec 18Mar 19Jun 19Sep 19Dec 19Mar 20Jun 20010008006004002001200