Number of homes on market declines


Thu 13th Sep, 10:09:44 BST

The number of people putting their property on the market has fallen for the third month in a row, new figures released by the Royal Institution of Chartered Surveyors (Rics) have claimed.

According to the group, the most significant drop came in the number of four-bedroom homes on sale in August, which declined by 51 per cent from the same month last year, which the firm speculated may have been "pushed by the August home information pack (Hips) deadline".

Rics also highlighted a continued decrease in demand from new buyers, with spokesperson Ian Perry commenting: "Potential house buyers have become far more cautious as they wait and see what affect interest rate rises will have on household finances."

He added that the introduction of Hips was "making family homes even more difficult to purchase" and predicted that the market would continue to soften in the coming months.

Yesterday, mortgage lenders Halifax and Abbey announced they would both raise rates on their tracker products for new customers, with Abbey confirming rates would increase by between 0.1 and 0.2 per cent on 12 of its mortgages.

This could potentially discourage more would-be-buyers from committing to purchasing a home.ADNFCR-1143-ID-18278253-ADNFCR


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