The housing market is experiencing a dearth of sales similar to the early days of the pandemic, when it was shut, as spiralling mortgage rates take their toll, according to a new survey.
The vast majority of agents and surveyors who responded to the latest Royal Institution of Chartered Surveyors poll reported another decline in sales agreed in July. A net 44 per cent said as much, the most recorded by the institution since spring 2020, with sales falling across all regions.
Only 12 months ago the property market was strong. Fuelled by the lockdown-induced “race for space”, estate agents were agreeing more sales and were making more money than they had done for 15 years.
Last September’s mini-budget resulted in a jump in mortgage
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