Britain’s housing market slowed further in August in the face of high mortgage rates, with sales falling to levels not seen since people were confined to their homes in the early stage of the pandemic, a survey found.
The Royal Institution of Chartered Surveyors also said almost every region is now experiencing “relatively steep” falls in house prices, with a key index deeper in negative territory than at any time since 2009 and agents predicting the downturn will worsen in the coming months.
The report underscores the growing toll being taken by the steep rise in interest rates delivered by the Bank of England in its bid to tame inflation.
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