House prices have been cut as buyer enquiries fall, with rising mortgage costs putting a choke hold on the residential market.
According to the latest RICS survey, an overall net balance of 45% of property professionals reported buyer enquiries falling rather than rising, compared with a balance of 20% in May.
A net balance of 46% reported house prices falling rather than increasing, compared with 30% in May.
Newly agreed sales also deteriorated, with the net score falling sharply to minus 34 in June from minus 8 in May — the lowest reading since December.
As with offices, it is the greener homes that are holding up better. Some 58% of respondents reported that energy-efficient homes had held their value despite the wider downturn.
