Experts issue mortgage cost warning as buyer demand drops

"The Royal Institution of Chartered Surveyors (RICS) reported the market slowed down in March, with rising borrowing costs and geopolitical uncertainty weighing on confidence. A net 39 percent of professionals reported a drop in new buyer inquiries, up from 29 percent in February."

"Agreed sales also slowed, with 34 percent reporting a drop, up from 13 percent the previous month. RICS said the report points to a market increasingly pressured by inflationary concerns and higher mortgage costs."

"Looking to the coming months, the survey shows that around 33 percent of professionals expect sales to weaken further over the next few months. Over the next 12 months, only 1 percent expect sales to weaken, indicating a broadly flat market."

"A balance of 23 percent of professionals saw house prices falling in March. Price expectations for the next three months reflect ongoing concerns about the market's stability."

Rising mortgage costs are significantly affecting buyer demand in the UK property market, according to the Royal Institution of Chartered Surveyors (RICS). The market slowed down in March, with a net 39 percent of professionals reporting a drop in new buyer inquiries. Agreed sales also decreased, with 34 percent noting a decline. The report indicates that inflationary concerns and higher mortgage costs are pressuring the market. Looking ahead, 33 percent of professionals expect further weakening in sales, while only 1 percent anticipate a decline in the next 12 months.

Read at www.independent.co.uk