Real Estate
UK Housing Market Slump Deepens With Fewest Sales Since Lockdown
- RICS survey shows strain caused by high mortgage rates
- Index of house prices drops to lowest since 2009 credit crunch
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Britain’s housing market slowed further in August in the face of high mortgage rates, with sales falling to levels not seen since people were confined to their homes in the early stage of the pandemic, a survey found.
The Royal Institution of Chartered Surveyors also said almost every region is now experiencing “relatively steep” falls in house prices, with a key index deeper in negative territory than at any time since 2009 and agents predicting the downturn will worsen in the coming months.