The Royal Institution of Chartered Surveyors (Rics) said today (July 14) some 27 percent of professionals reported a fall in interest for potential house hunters. It is the third month in a row where interest from new buyers slipped back in a sign the property market boom is ending.

Mark Wiggin, of the eponymously named Shropshire estate agents, told The Telegraph: "The market has definitely turned. Fall-throughs and renegotiations are now taking place."

London appeared to be more resilient with seven percent of professionals in the capital reporting an uptick in inquiries in the past month. Despite demand in the housing market cooling, the direction of house prices was upwards, with 65 percent of professionals reporting an increase.

It adds survey participants also say market appraisals are broadly unchanged compared to 12 months ago, suggesting the tight supply backdrop is unlikely to shift drastically in the near future. The 65 percent of professionals seeing prices rising is lower than April's high of 78 percent, but remains comfortably above the 13 percent long-term average, according to Rics.

Looking further out, 37 percent foresee prices continuing to climb over the next 12 months, although this is down compared with the high of 78 percent seen in February. For properties priced between £500,000 and £1million, 39 percent are seeing the sales price beat the asking price while for those listed at more than £1 million, selling prices are typically coming in slightly below the asking price on balance, Rics' report says.

Article by Jon King / 14/07/2022

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