Estate agents warn of ‘slowdown’

Recent interest rate rises are beginning to impact upon the housing market, as consumers tighten household spending, estate agents have claimed.

The number of people seeking to buy a house and the amount of properties sold both dropped in July, according to the latest housing market survey published by the National Association of Estate Agents (NAEA).

Rising interest rates have pushed up the cost of getting a mortgage, in addition to market forces pushing the price of houses ever-higher.

Last month estate agents reported a 2.5 per cent drop in the number of people looking to purchase a new home, with NAEA members having an average of 314 buyers registered with them, down from the 322 recorded in June.

The figure also represents an 18.9 per cent fall on last July and the lowest number of buyers registered on agents’ books since December 2005, the trade association said.

© Adfero Ltd

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