In January, the UK housing market appeared stagnant with little change in buyer demand or sales, according to the Royal Institute of Chartered Surveyors (RICS). This plateau was attributed to rising government borrowing costs and a surge in gilt yields, which dampened buyer enthusiasm. RICS' head of market analytics, Tarrant Parsons, indicated that the momentum in buyer demand had diminished, likely due to the turbulence in financial markets experienced at the beginning of the month. This indicates a cautious outlook for the housing sector moving forward amid ongoing economic uncertainty.
Growth in buyer demand lost a bit of momentum through the early part of the year, with this flatter picture likely linked to the turbulence seen across money markets in the first half of January.
The Royal Institute of Chartered Surveyors (RICS) reported that both housing demand and sales remained largely unchanged compared to December, attributing the plateau to a recent surge in gilt yields.
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