Economics
UK Housing Market Flashes Sign of Cooling as Buyer Demand Drops
- Enquiries fall as buyers ‘tighten belts’ due to income squeeze
- Impact on prices modest for now but market starts to cool
This article is for subscribers only.
Demand for UK homes fell for the first time since August last month in an early sign that rising interest rates and the cost of living crisis are taking a toll on the property market, a survey found.
The monthly report by the Royal Institution of Chartered Surveyors suggests the housing market is now at a turning point, with estate agents claiming that buyers are “tightening their belts.”