UK housing market shows signs of improving after pause in rate hikes

The UK housing market showed signs of stabilising in September as borrowing costs continued to ease amid hopes the Bank of England may be finished raising interest rates, a survey found.

The findings add to evidence that cheaper home loans are encouraging potential buyers back into the market. RICS said those surveyed cited the Bank of England’s decision to halt its historic rate-hiking cycle last month as a boost for market sentiment. “As such, it appears there is little prospect of trends deviating much from the recent picture in the immediate future. That said, the outlook a little further ahead has improved slightly, with 12-month sales expectations moving out of negative territory for the first time in several reports.”

Signs of greater stability have emerged other surveys too. Nationwide Building Society said house prices were unchanged in September after two months of declines. Analysts say the market is probably halfway through a downturn that will see prices fall around 10% from their peak last year.

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