Property relief may be in sight

However, the potential slowdown has come at a price, with interest rates now 1.25 per cent higher than they were a year ago, meaning that many people are facing debt problems despite a cooler market.

It seems that the property market’s perpetual growth has had a negative impact for many homeowners, because rate rises have pushed more people into debt over recent months.

Although prices are now starting to slow somewhat, this has come too late for many people who have faced significant hardship and, after struggling to get a foothold on the property ladder in the first place, have been stretched too far by the hikes in the base rate.

The Royal Institution of Chartered Surveyors (Rics) research found that buyer enquiries fell at the fastest rate since February 2006 during June this year.

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