The outlook for UK house prices deteriorated sharply in February, as the rise in oil and gas prices worsened expectations for mortgage rates, according to a property survey.
The Royal Institution of Chartered Surveyors said its index of forecasted prices over the next three months fell to minus 18 in February, from minus 6 in January. The index measures the difference between the share of estate agents expecting rising and falling prices.
The decline reversed the recovery in sentiment from the uncertainty caused by November’s Budget, which had been preceded by months of speculation over potential property tax changes.
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