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RICS says confidence is disappearing in the UK housing market.

RICS says confidence is disappearing in the UK housing market.

 


A real estate agent’s billboard is displayed outside a house on a terraced street in Blackburn, England, on January 17, 2022. REUTERS/Phil Noble

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LONDON, Aug. 11 (Reuters) – Expectations for UK housing market activity are quickly bottoming out amid worsening economic outlook and higher interest rates, industry research said on Thursday.

The Royal Institution of Chartered Surveyors (RICS) said sales expectations for the next 12 months fell from -21% in June to -36% in July.

The survey was conducted last week before the Bank of England announced its biggest rate hike since 1995. read more

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Like many other wealthy countries, the UK housing market boomed during the COVID-19 pandemic as people sought more space to work and socialize from home.

But analysts are watching to see how consumer prices, the highest in 40 years, and soaring interest rates will cool the market.

The RICS headline home price balance fell to 63% in July, the lowest since February 2021 but well above the long-term average of 13% in the survey. A Reuters poll of economists pointed out that the decline was even greater, at 60%.

“It’s no surprise that housing market activity is now losing momentum,” said Tarrant Parsons, chief economist at RICS.

“As monetary policy is expected to tighten further in the coming months, sales expectations are likely to further reduce volume going forward.”

Parsons said the lack of housing on the market could provide some support for home prices in case of a future recession.

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Report by Andy Bruce Edited by Sandra Mahler

Our Standard: The Thomson Reuters Trust Principle.

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