UK house prices and sales continue to fall as interest rates climb…

The property market is slowing down significantly as a result of higher interest rates and increased mortgage expenses.

The slowing down of the property market has led to a decline in both sales and house prices in the month of January.

According to the Royal Institution of Chartered Surveyors (Rics), the trend of declining agreed sales, house prices, and new instructions to sell homes persisted in January.

The survey revealed that a net balance of 47% of surveyors reported a decrease in new buyer inquiries, which was a worsening situation compared to the previous month when 40% of surveyors reported the same.

January marked the ninth consecutive month of declining new buyer inquiries.

Simon Rubinsohn, the chief economist at Rics, said: “Although some respondents to the January Rics survey have noted a little more interest in the housing market as the new year got underway, the overall tone of the feedback still remains subdued, which is not altogether surprising given the jump in mortgage rates since the autumn.

“Prices, meanwhile, are now beginning to reflect the shift in the balance between demand and supply.”

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