By The latest monthly survey by the Royal Institution of Chartered Surveyors (RICS) shows that estate agents’ expectations for future sales have dropped to the lowest level in almost two and a half years.
Prices are still rising, driven by a shortage of properties for sale that is keeping buyers in competition with each other.
Most of the data was collected before the recent half-point hike in rates by the Bank of England, but the RICS said that it was clear that the rising cost of living and higher interest rates were impacting on the market.
Some survey respondents reported that lenders were taking a more cautious approach when making mortgage offers.
Savills, the leading real estate advisory service group alluded to much of what the RICS had earlier reported when they released interims this morning.
The group said that while prime housing markets remained particularly robust, price growth has begun to moderate.
The group sees scope for commercial real estate markets to turn down, but only after a period of exceptional strength.
Savills reported 26% growth in their commercial transaction revenues, driving an overall 9% growth in turnover.
Profits however fell back, with the group citing a shift toward lower margin commercial revenues and rising staff costs as the drivers for a 10% decline in underlying profits.
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