11 Jul

Housing market remains slow

Housing market remains slow

The housing market in the UK has stalled once again in June thanks to a drop in demand for home purchases across the country.

According to the latest report from the Royal Institute of Chartered Surveyors (Rics), in June there were ten per cent more people who were saying that there was a drop in demand rather than a rise.

It attributed this to the end of the stamp duty holiday in March. At that time, the government decided that the one per cent levy on homes that cost between £125,000 and £25,000 would be reinstated.

The report also added that a net difference of 22 per cent of agents said there was a fall in house prices during the month.

Simon Rubinsohn, Rics chief economist, said: "Although there is some positivity that the amount of sales going through is going to see an increase, it is unlikely that we will see any real movement until purchasing a property is more affordable and accessible for the likes of first time buyers."ADNFCR-1222-ID-801405534-ADNFCR

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