Britain's housing market showed some improvement in May but further interest rates increases by the Bank of England are expected to put more pressure on demand and on prices in the coming months, an industry survey showed
The Royal Institution of Chartered Surveyors' measure of new buyer enquiries rose to a net balance of -18, the least negative figure since -14 in May 2022 and up from -34 in April.RICS' house price balance, which measures the difference between the percentage of surveyors seeing rises and falls in house prices, increased to -30 last month from -39 in April. A Reuters poll of analysts had pointed to a reading of -38.
However, analysts are forecasting another slowdown for the housing market with markets largely expecting the BoE's Bank Rate to peak at 5.5% later this year, up from 4.5% now. "It seems storm clouds are gathered, with the UK's stubbornly high inflation likely undermining the recent improvement in activity," Tarrant Parsons, senior economist at RICS, said.
Britain's housing market staged a recovery earlier this year after former prime minister Liz Truss's "mini-budget" caused turmoil in financial markets in September and sent the cost of fixed mortgage rates sharply higher to above 6%.Britain's biggest mortgage lender, Halifax, on Wednesday said house prices
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