UK House Price Indicator Slides to 10-Month Low as Market Cools
A closely watched index of UK property prices declined to its lowest in almost a year, suggesting the housing market remains under pressure after a tax break for buyers expired.
The Royal Institution of Chartered Surveyors said its gauge of home values dropped to minus 8 in May, indicating the number of estate agents reporting lower prices outnumbered those seeing an increase, according to a report Thursday. The reading was last lower in July 2024, just before the Bank of England started cutting borrowing costs from their 16-year high. Economists expected the gauge to remain unchanged at minus 3.
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