- The UK housing market is experiencing a significant lack of momentum, with confidence weakening due to global and economic uncertainties, inflation concerns, and rising interest rates.
- New buyer inquiries and agreed sales both saw notable declines in February, although surveyors anticipate a rebound in sales activity over the next 12 months.
- House prices remained broadly flat across the UK in February, but significant regional variations were observed, with downward pressure in London and the South East, while Northern Ireland and Scotland reported firmer trends.
- Mortgage lenders have been withdrawing deals and increasing rates, with some average rates surpassing 5%, driven by concerns over rising prices amid geopolitical instability.
- The lettings market faces a shortage of rental homes as landlord instructions are “firmly negative” despite stable tenant demand, leading to expectations of rising rents.
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