House Prices Fall: First time in two years as Interest rate rises

It seems that recent interest rate rises are starting to have an effect on the housing market, as last month was the first time in more than two years that house prices fell. The Royal Institution of Chartered Surveyors has reported that housing growth has now turned negative, which is the first time since October 2005.

The RICS has also reported that demand for property is still weakling as chartered surveyors agree that property fell by at least 1.8% in August. New buyers wanting property have also fell for the ninth time in a row, and now it is falling faster than it has for three years.

It seems as if house buyers are more cautious as they seem to wait to see if the Bank of England raises the interest rates.