According to reports, the rise in asking prices for UK homes has seen its smallest rise since 2009.
Due to rising consumer price inflation, Brexit woes and tighter lending policies, property data has suggested a slowing property market.
February usually sees a seasonal spike of around 5%. However, with recent reports suggesting just a 2% rise, this has been the weakest rise in the past 8 years.
“Perhaps we’re approaching the territory where many buyers are unable or unwilling to pay what sellers are asking, given the negative combination of rises in the cost of living, tighter lending criteria, and a dose of Brexit uncertainty,” Rightmove director Miles Shipside said.
After the EU Referendum vote in June, the Bank of England predicted Britain’s housing market to take a large hit. Home-buyers were thought to focus on solid short-run trends in disposable income, rather than the longer-term squeeze. In spite of these predictions, the market has proved resilient.
Despite a third successive monthly fall in retail sales, Rightmove has still insisted a strong interest among potential buyers. The continual interest in property was calculated by record-breaking traffic to the site in January.