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The Guardian - UK
The Guardian - UK
Business
Mark Sweney

UK’s 13-year housing market boom to end in 2023, surveyors predict

RICS United Kingdom Housing Market Interest Rates Simon Rubinsohn
for sale and sold signs outside houses
RICS said the number of homes sold in the UK over the next year will suffer the biggest fall in at least a decade. Photograph: Yui Mok/PA

Homeowners will struggle to make mortgage repayments and repossessions will rise next year as soaring interest rates and falling prices mark the end of the UK’s 13-year housing market boom, according to a sobering report from the Royal Institution of Chartered Surveyors (RICS).

The number of inquiries from potential homebuyers fell for a fifth month in a row in September, while sales fell to the lowest level since May 2020 when the housing market all but ground to a halt during the early stages of the coronavirus pandemic, it said.

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