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http://www.bbc.co.uk/news/business-28774391

UK housing market pauses for breath, surveyors say

The housing market "paused for breath" across the UK in July and went into reverse in London, surveyors have said.

Demand for UK homes fell for the first time since the start of last year, according to the Royal Institution of Chartered Surveyors (Rics).

This, and sales, fell more sharply in London than elsewhere, while the number of homes for sale increased.

Concern over affordability was one factor for the shift, although prices were still expected to rise.

Surveyors suggested that property price growth was likely to be faster outside of London than in it.

"The shift in the mood music amongst potential buyers in the London market has been particularly pronounced, but that is in a sense consistent with the move to a more sustainable market in the capital," said Simon Rubinsohn, chief economist at Rics.

"Elsewhere around the country, the market in general is showing a greater degree of resilience, but that largely reflects the fact that in some areas, the recovery has only recently taken hold and affordability is rather less stretched."

Activity has slowed in the past after a so-called "Spring bounce" in the housing market, as potential buyers' thoughts turn to holidays in the summer rather than homes.

However, surveyors suggested that the market might have changed, owing to the prospect of higher interest rates and warnings from the Bank of England that it was keeping an eye on any risk of a housing bubble.

However, the Bank's governor, Mark Carney, may have eased the fears of some mortgage holders in the Bank's quarterly inflation forecast.

He said on Wednesday that whenever interest rates did increase, they would still do so gradually.

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How much has your house made?

Enter your details into the calculator to find out:

I'm calling the top.

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Agreed. Top.

Nice to see textbook HPI-cheerleader bastardisation of the verb "make".

Surely: "MAKE: to bring into existence by shaping or changing material, combining parts, etc...".

Once upon a time we used to "make" 'things'.

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Calling the top too.

Multiple reasons, but basis mainly that inflation your cost base is possiblly the worst economic decision you could possibly make in a globalised, technology advancing world.

I think less people have been convinced in the fake QE recovery that it seems and have used it as a last harrah before shifting out or shutting up shop, working is increasingly less beneficial, so many better places to live, work and retire. The tricks played to squeeze money out of the middles east into western banks / captial markets and property markets now backfiring, a truly horrific mess has been created. New tech on the verge of real penetration into single person replacement - i.e. not factory robotics but shop floor, small premises across many sectors - shame rightsizing living costs were not taken seriously, game over.

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Does the BBC have a calculator showing me how much of someone elses mortgage ive paid off via robbing of savings in the last 7 years.

Cnts the people working there need bombing.

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this has a lot to climb yet, no where near the top of mortgage affordability under these market conditions

That'll be the market conditions where wages are falling, more people are becoming self employed to scam benefits and the govt debt is spiralling out of control.

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Does the BBC have a calculator showing me how much of someone elses mortgage ive paid off via robbing of savings in the last 7 years.

Cnts the people working there need bombing.

Yes, why don't the beeboids have a how much are you ******ing over your own children for having somewhere to live calculator? The other side effect.

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