UK Estate Agents Turn Pessimistic Seeing Drop in House Prices
- Rising mortgage rates start to darken the mood of buyers
- Lettings market sees more tenants but fewer places to rent
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UK estate agents turned pessimistic about the housing market, anticipating prices will decline over the next year for the first time since the start of the coronavirus pandemic.
The Royal Institution of Chartered Surveyors said its measure of price expectations for the next year fell to minus 18% in September from 3% the month before. Inquiries by potential homebuyers fell for a fifth month, and some sellers were reluctant to bring properties to market.