Rolling coverage of the latest economic and financial news
The number of homes for sale in the UK rose in April, but recent rises in mortgage rates started to deter would-be buyers, according to the latest report from surveyors.
The Royal Institution of Chartered Surveyors (Rics) said more of its agents had reported a rise in new instructions by sellers than at any point since September 2020, when the post-Covid bounce was still in effect.
“Feedback to the latest Rics survey demonstrates the sensitivity of the sales market to interest rates at the present time, given the continuing challenge around affordability.
“A modest back up in mortgage pricing has contributed to the flatlining in the buyer enquiries metric over the past month, as well as the slightly more cautious signals around near-term expectations.”
Continue reading…Rolling coverage of the latest economic and financial newsShould the Bank of England cut interest rates with Britain’s economy in bloom?The number of homes for sale in the UK rose in April, but recent rises in mortgage rates started to deter would-be buyers, according to the latest report from surveyors.The Royal Institution of Chartered Surveyors (Rics) said more of its agents had reported a rise in new instructions by sellers than at any point since September 2020, when the post-Covid bounce was still in effect.“Feedback to the latest Rics survey demonstrates the sensitivity of the sales market to interest rates at the present time, given the continuing challenge around affordability.“A modest back up in mortgage pricing has contributed to the flatlining in the buyer enquiries metric over the past month, as well as the slightly more cautious signals around near-term expectations.” Continue reading…
