Housing Market Pace Slowing
RICS surveyors are scaling back expectations of previous house price rises as signs of buyer interest slow down.
The slowdown has also been seen in London with RICS putting it down to stricter mortgage lending tests that took effect in May, as well as concerns of interest rate rises.
Mortgage approvals have confirmed to have fallen for three consecutive months according to Bank of England. Some interpreters comment that the tighter lending criteria has seen to be in force in the months leading up to the new regulations being rolled out.