House prices still rising despite fall in demand, RICS survey says
Tom Bill, head of UK residential research at estate agent Knight Frank, said:"Supply is so low because many people have taken a summer holiday for the first time in two years."He added:"Autumn will provide the acid test for the property market and we expect annual price growth to slow to single digits as supply picks up and demand cools."
For lettings, 36% of property professionals reported an increase in demand and, as new landlord instructions decline, rents are expected to rise sharply. Tarrant Parsons, senior economist at RICS, said:"Amid a backdrop of sharply rising living costs, slowing economic growth and higher interest rates, it is little surprise that housing market activity is now losing some momentum.
"With monetary policy set to be tightened further over the coming months, sales expectations point to a further softening in transaction volumes going forward. "Nevertheless, with respect to house prices, limited supply available is still seen as a crucial factor underpinning the market. Although house price growth is likely to continue to ease, respondents still anticipate prices will be modestly higher than current levels in a year's time."
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