Higher interest rate expectations weigh on Britain’s housing market
RICS said downward pressure on British house prices increased last month for the first time in four months as buyers became more cautious.
London, United Kingdom. The prospect of higher interest rates weighed on Britain’s housing market last month, with downward pressure on house prices increasing for the first time in four months, the Royal Institution of Chartered Surveyors (RICS) said this week.
House price balance falls
RICS said its house price balance fell to -32 last month from a five-month high of -28 in August. The decline was larger than economists had expected in a Reuters poll.
The number of new properties coming onto the market rose for the first time since the middle of last year.
Buyers become more cautious
“A renewed rise in interest rate expectations has created a fresh headwind for the housing market, with buyers becoming a little more cautious and sales activity losing some momentum,” RICS Head of Market Research Tarrant Parsons said.
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