Housing market ‘feeling the pinch’

The UK’s housing market has been feeling the pinch of tighter economic conditions in recent months, according to a report from the Royal Institute of Chartered Surveyors (Rics).

Millions of Britons have burdened themselves with serious debt management concerns in order to get on to the housing ladder, but Rics has revealed that more of its members are reporting house price falls than has been the case since 1992.

Furthermore, Rics has indicated that demand from potential buyers has weakened and that tightened lending criteria have left some people without the option to move to a different property.

“The coming months will be of great importance to the market and many would-be-buyers will be watching the Bank of England’s interest rate decisions while lenders remain reluctant to part with finance,” said Ian Perry, a spokesperson for Rics.

Including mortgages, the average household debt management burden in the UK is worth close to £56,000, according to data from the Credit Action charity.