UK house-buying demand falls at fastest pace since 2020 lockdown
UK housing market demand in October fell at the fastest pace since the start of the Covid-19 pandemic and registered one of the largest drops in more than 20 years as mortgage rates surged, according to a closely watched survey.
The Royal Institution of Chartered Surveyors’ new buyer inquiries index on Thursday fell for a sixth successive month in the sales market from minus 36 per cent in September to minus 55 per cent in October.
That is the lowest reading since the 2008 financial crisis, excluding spring 2020 when the housing market was largely shut because of pandemic-related measures.
That forecast is in line with the Rics index for house price expectations for the year ahead, which fell from minus 18 in September to minus 42 in October, the lowest since April 2020.
This story originally appeared on: Financial Times - Author:Valentina Romei
