RICS Residential Market Survey (Oct.)

The October RICS Residential survey showed that the spike in quoted mortgage rates to over 6%, a level last seen in 2008, has triggered a collapse in buyer demand comparable to that seen in the financial crisis. That’s consistent with our view that transactions will slump to their lowest level for a decade in 2023 and that the average house price will fall by 12%. (See our UK Housing Outlook.)

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