Property market showing signs of slowing down as financial squeeze begins to tell?

Property market showing signs of slowing down as financial squeeze begins to tell?

The residential property market is showing slight signs of slowing, as households face that squeeze on their finances.

Property prices increased last month at the slowest rate of growth since the start of the year.

The average price of a property hit another record of £289,099, up 10.5% year-on-year.

Despite the cost of living pressures facing many at the moment, the continued imbalance between supply and demand for properties remains the primary reason driving the rise in house prices.

However, the housing market has begun to show signs of cooling. Mortgage activity has certainly started to come down as inflationary pressures grow on households and those eager to get on the property ladder.

Prices are still rising but not as rapidly as they were just a few months ago in this uncertain economic climate.