RICS chief economist Simon Rubinsohn said the national slowdown is being driven by factors including the cost of moving, Brexit-related uncertainty, and last week's interest rate hike. "The combination of the increased cost of moving, a lack of fresh stock coming to the market, uncertainty over the political climate and now an interest rate hike appears to be taking its toll on activity in the housing market," he said.
The UK housing market is 'stuttering'
The UK housing market continued to "stutter" in October with demand from buyers and agreed sales declining further, while price falls are now widely-reported in London, according to RICS' monthly UK residential market survey. The survey of chartered surveyors found interest from buyers continued to decline over October, with 20% more respondents seeing a fall in new buyer enquiries over the month. Agreed sales were also reported to have fallen, with 20% more respondents noting a decline in transactions over the month at the national level.
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