British house prices rose last month at their slowest pace since early in the coronavirus crisis and they look on course to fall as a surge in mortgage costs adds to uncertainty about the economy for home-buyers, a survey showed on Thursday.
Enquiries by new buyers fell for a fifth month in row and expectations for the year ahead suggested a slight fall in prices, according to the Royal Institution of Chartered Surveyors' monthly survey.
The RICS house price balance - measuring the difference between the percentage of surveyors reporting price rises and those seeing a fall - fell sharply to +32 in September from +51 in August, signalling a slowdown in price growth.September's reading was the weakest since July 2020, and a separate balance for sales volumes was the most negative since May 2020, the figures showed.
"Even though the headline price balance remains in positive territory for now, storm clouds are visible in the deterioration of near-term expectations for both pricing and sales," RICS's chief economist Simon Rubinsohn said. "Looking further out, the picture portrayed by the RICS survey has clearly shifted in a negative direction," he added.
After booming during and after the COVID-19 lockdowns as home-owners sought bigger properties, Britain's housing market has cooled recently.
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