NEW Housing Slowdown Warnings From RICS As Mortgage Rates Rise

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New warnings of a housing slowdown were issued this week as the number of people struggling with mortgages are forecast to reach a 15-year high, the Royal Institute of Chartered Surveyors (RICS) said. The RICS is the body which regulates and controls the surveyor who carry out surveys and valuations for all the major lenders in the UK.

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Details:

· House sales in September hit their lowest levels since 2020/21

· Rising mortgage rates will drive house prices down this year, say RICS

· Bank of England said this week the number struggling to pay mortgages will rise next year

· New house buyer inquiries fell in September for he fifth month in a row, say the RICS.

· Fewer properties for sale has pushed up housing prices, but warned this will end.

· Banks, such as HSBC have issued similar warnings of a housing market slowdown

· Higher interest rates will make buy-to-let purchases unsustainable

· Fixed rate deals have reached around 6%, a 300% rise and a gamechanger

· Mortgage lenders will not lend to investors if deals do not stack up financially

· Up to 200,000 households will need to remortgage in the next year, say BBC.

The news comes of top of a brewing financial crisis in the City of London as the Bank of England are again printing money to bail out financial institutions – this time it’s the people running your pension funds.

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