House price growth eased in June to half the pace of the previous month and demand weakened due to the impact of interest rate increases, according to the June UK Housing Market Survey from the Royal Institution of Chartered Surveyors (RICS).
House prices rose for the 20th consecutive month in June, but the rate of growth more than halved, falling below the survey's long run average of 21.6%.
In England, London remains the region with the strongest price rises, however Scotland is equally as buoyant. Northern Ireland continues to lead the way as the peace premium remains a boost to price growth.
New buyer enquires declined at the fastest pace since February 2006 as the interest rate cycle began to weigh heavily on first time buyer affordability. New buyer enquiries fell across all regions, except for Wales, the West Midlands and Scotland.
New instructions to sell property also fell sharply, as forecast in last month's edition of the survey. Many vendors brought forward their instructions into May, in order to avoid the upfront cost of Home Information Packs.
