DAVY VIEW

This morning’s Royal Institution of Chartered Surveyors (RICS) survey for June shows the sixth-sharpest monthly decline in new buyer enquiries since the financial crisis of 2008/09. This is the clearest sign so far that higher Bank of England interest rates, the more uncertain economic environment and stretched affordability are starting to hold back demand in the UK housing market. That said, pricing is still robust – a net balance of +63% of estate agents reported rising house prices in June.