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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
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WATCH: Early signs show rising interest rates and higher cost for living are taking toll on the UK’s real estate market. Lizzy Burden reports.Source: Bloomberg

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.”