Recent assertions that the UK housing market is slowing down have been backed up by new figures released by the Royal Institution of Chartered Surveyors (Rics), which have revealed that price growth now stands at its lowest level since April 2006.

The Rics survey noted that the ratio of sales to stock fell to 40.9 last month, compared with a 43.3 figure reported for April.

And while the number of properties being put on the market rose at the fastest rate for at least 30 years, figures from Knight Frank have suggested that even the luxury London housing market is set to cool off by the end of the year.

"With interest rates expected to rise even higher and some home owners fearing the end of fixed rate deals, affordability conditions are set to worsen across the board and will herald a cooling market," commented Rics spokesman Jeremy Leaf.

The Bank of England is widely expected to raise the base rate to 5.75 per cent next month.


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Author:  Joanne McCabe

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