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| Signs of caution in housing market, surveyors say | Signs of caution in housing market, surveyors say |
| (about 1 hour later) | |
| Surveyors have reduced their expectations for house price growth in the UK, despite a continued shortage of homes for sale. | Surveyors have reduced their expectations for house price growth in the UK, despite a continued shortage of homes for sale. |
| Property prices are expected to grow by 5% a year over the next five years, according to the Royal Institution of Chartered Surveyors (Rics). | Property prices are expected to grow by 5% a year over the next five years, according to the Royal Institution of Chartered Surveyors (Rics). |
| This prediction had edged down in recent months, Rics said. | This prediction had edged down in recent months, Rics said. |
| Price rise expectations in London have dropped from an estimate of 9% a year in March to just under 5% now. | Price rise expectations in London have dropped from an estimate of 9% a year in March to just under 5% now. |
| "What we are really seeing is some of the very strong upward momentum starting to come off the housing market, as a lack of supply, higher prices, more prudent lending measures and some of the talk from the Bank of England are creating a level of caution among sellers and buyers," said Simon Rubinsohn, chief economist at Rics. | "What we are really seeing is some of the very strong upward momentum starting to come off the housing market, as a lack of supply, higher prices, more prudent lending measures and some of the talk from the Bank of England are creating a level of caution among sellers and buyers," said Simon Rubinsohn, chief economist at Rics. |
| The Rics survey is one of a number of different surveys that are published about the UK housing market. | The Rics survey is one of a number of different surveys that are published about the UK housing market. |
| Earlier this month, the Nationwide Building Society said that there had been signs that activity in the UK housing market was starting to "moderate". | Earlier this month, the Nationwide Building Society said that there had been signs that activity in the UK housing market was starting to "moderate". |
| However, prices have risen in most parts of the country in recent months, with London showing double-digit annual growth in property prices. | However, prices have risen in most parts of the country in recent months, with London showing double-digit annual growth in property prices. |