Buyers Step Back: UK Housing Market Takes a Breather

The UK housing market has hit the brakes. Buyers are taking a step back, and it's not just because of the cold weather. The latest news from the Royal Institution of Chartered Surveyors (RICS) shows buyer interest has dropped to its lowest point in over two years. This slowdown started after the finance minister's big budget speech last month. The budget introduced a new tax on expensive homes. But don't worry, it won't kick in until 2028. Still, the news was enough to make buyers pause and think. Even before the budget, the housing market was already struggling. High prices and expensive loans have made it tough for people to buy homes. The budget just added to the uncertainty. Surveyors, the people who know the housing market inside out, are feeling a bit relieved. They say the high price threshold for the new tax is a good thing. But they also warn that the market will stay slow for a while. House prices are still falling, but not as fast as before. This could be a sign that the market is starting to find its balance. But with affordability still a big issue, it's hard to say when things will pick up.