UK Housing Market Stalls as Interest Rate Cut Hopes Fade

Surveyors report declining buyer demand and falling prices amid delayed Bank of England rate cuts

Housebuilder Crest Nicholson issues profit warning due to lower demand and rising mortgage rates.
Royal Institution of Chartered Surveyors notes weakest buyer demand since November 2023.
House prices and sales volumes dropped in May, with the South East and South West hardest hit.
Mortgage rates for new buyers have increased, impacting affordability and market confidence.
Both major political parties promise increased house-building ahead of the July election.