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UK Housing Market Slump Deepens With Fewest Sales Since Lockdown

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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.

Mortgage rates have hit their highest since 2008, leaving an increasing number of households struggling to service their loans as they grapple with the spiraling cost of food and basic goods. Millions more will feel the squeeze by the end of next year as fixed-rate deals expire and they are forced to refinance at significantly higher rates.

Buyer demand and agreed sales continued to fall sharply against a backdrop of “economic uncertainty and the high cost of mortgage finance.”

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