House prices 'subdued' as new inquiries seeing a fall

HOME buyer demand has weakened for the third month in a row, with house sales also subdued, according to surveyors.

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A net balance of 19% of property professionals saw new buyer inquiries falling rather than rising in September, marking the third month of decline, the Royal Institution of Chartered Surveyors (Rics) said.

Sales activity softened, with a net balance of 16% of property professionals seeing a fall in agreed transactions, which was slightly less negative than a balance of 24% reporting a fall in sales in August.

Surveyors cited concerns over the upcoming November Budget, reporting growing caution among buyers and sellers, with affordability and sentiment acting as key constraints, Rics said.