Britain's housing market continued to feel the pinch of higher borrowing costs in March, but property surveyors expect some improvement over the year ahead as they think interest rates are now near their peak, a survey showed on Thursday.
The Royal Institution of Chartered Surveyors said its house price net balance - which measures the difference between the percentage of surveyors seeing rises and falls in house prices - fell to -43 last month, up from -47 in February, and slightly above the -48 forecast in a Reuters poll of economists.
The net balance of agreed sales across Britain slipped to -31 in March from -25 for February, but still above the -43 low in October 2022 when financial market turmoil after former prime minister Liz Truss's mini-budget temporarily halted new mortgage lending. "The overall tone of the feedback received from respondents ... is still one of caution towards the sales market, which is reflected in both the headline price and activity indicators," Simon Rubinsohn, RICS's chief economist, said.
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