Rising borrowing costs continue to add pressure to the housing market in Wales, according to surveyors. The latest market survey from the Royal Institution of Chartered Surveyors (RICS) showed more homes came onto the market in Wales in June, but fewer buyers are actively looking purchase as mortgage rates increased.
While house prices are expected to fall further over the next three months. The survey reported a net balance of 16% of property professionals in Wales said that instructions to sell rose during the month of June. This was up from 9% in May and the sixth survey conducted where the figure has been in positive territory.
However, a net balance of -32% reported a fall in sales and -30% reported a fall in new buyer enquiries. A net balance of -6% of property professionals anticipate sales to continue to fall over the next three months - dramatically down from 21% in May.
