New buyer enquiries fall for longest period since pandemic: Rics
New buyer enquiries fall for longest period since pandemic: Rics
A net balance of -25% of survey participants reported falling new enquiries last month compared to -27 in June, “which is the longest stretch of falling demand from buyers since the early stages of the pandemic, and is evident across all of the UK”, says the body’s July RICS Residential Market Survey.
It adds that agreed sales also edged down, with the latest net balance remaining modestly negative at -13%, compared to a reading of -14% previously.
The survey says: “Higher interest rates and the cost of living crisis are cited by contributors to be causing the drop in market activity, although it’s important to note that the survey sample was mostly gathered before the Bank of England’s latest 50 basis point rate hike.”
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