House prices start to slow
Growth in the UK housing market slowed down for the fourth consecutive month in February, according to the latest statistics released by the Royal Institute of Chartered Surveyors (Rics).House price inflation has now reached its slowest pace since last May with 24 per cent more chartered surveyors reporting a rise than a fall in house prices, down from 28 per cent in January.In addition, as recent interest rate rises pricing some potential buyers out of the market 20 per cent more chartered surveyors reported a fall than a rise in the number of new-home enquiries, while new instructions to sell property have gone nine months without a rise.Ian Perry, a spokesman for the Rics, said: "The interest rate rises have started to worry would-be buyers with many concerned that they will be unable to meet mortgage repayments."Mr Perry added that, while he expected affordability to remain an issue for many would-be buyers in the foreseeable future, he was confident that property be put onto the market in the short-term as people aim to sell their homes before the forthcoming introduction of Hips.
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