The recent interest rate hikes by the Bank of England have yet to be fully absorbed by the UK housing market.
That at least is the conclusion of the Royal Institute of Chartered Surveyors (RICS).
"The full impact of current rate hikes on the housing market should not start to appear until after the summer."
It would seem that there are indications that there is some cooling off in the housing market. The Land Registry survey for April showed that prices are being buoyed by London, while house prices fell in four English regions. Figures from the Bank of England showed mortgage approvals fell for the third month running in April.
It is expected that the Bank of England will raise rates at least one more time this year.
Belt tightening time is upon us.