RICS comment on Nationwide house price figures

Commenting on Nationwide house price figures, RICS senior economist Oliver Gilmartiin said: "The housing market is cooling although prices continue to rise. The full effects of recent interest rate rises are yet to be felt, with a further slow down in price rises expected into the Autumn. Supply constraints have started to loosen in recent months, with instructions picking up as higher rates put greater pressures on homeowners at the margins. Inflation concerns will see at least one more rate rise with 6% rates now in sight which will equalise supply and demand imbalances in the market."