RICS says housing market is cooling

The housing market cooled last month as buyers and sellers braced for the end of the stamp duty relief. In its latest assessment of the property market, RICS said that new listings and sales had dipped again in August, as did new buyer enquiries. House prices are still rising, but the pace of growth has slowed. A net balance of -14% of respondents reported a rise in new buyer enquiries, down from -9% in July. However, prices still increased as the supply of new homes fell at an even sharper pace. A net balance of -37% of agents noted an increase in new listings, while 73% said that prices had risen during the month. House price growth is likely to moderate over the coming year, with a net balance of 66% of agents expecting prices to rise. The Times (£)