UK housing prices and sales record fall as buyer inquiries drop

The Royal Institution of Chartered Surveyors said the overall tone of the feedback from property professionals remains subdued

House prices are starting to reflect the shift in demand in the market, according to surveyors.

Agreed sales, house prices and new instructions to sell homes remained on a downward trend in January, the Royal Institution of Chartered Surveyors (Rics) said.

Property professionals’ expectations suggest this picture is likely to remain in place for a while longer as the market adjusts to higher interest rates, Rics’ report added.