UK Buyer Demand Hits Lowest Level Since August 2023 as Mortgage Rates Climb Above 5%
New buyer enquiries fell to a net balance of -39%, the weakest reading since August 2023. Agreed sales dropped to a net balance of -34% from -13% the previous month. This decline in activity follows average fixed mortgage rates climbing back above 5%. The Royal Institution of Chartered Surveyors found that the headline house price balance fell to -23% in March, down from -14% and -10% in the prior two months. Unsold stock on estate agents' books rose to an average of 47 properties, up from around 45 at the start of the year.
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