New buyer enquiries stabilised in spite of the May interest rate rise, indicating that conditions are still good, according to the Royal Institute of Chartered Surveyors (RICS). This seems to imply that the effect rises have had on new buyer enquiries is limited, with the absolute level of demand still high in light of buoyant economic conditions. New instructions to sell property increased at the fastest pace in the survey's history, says the report, possibly due to the expected (now delayed) introduction of HIPs: 39% more surveyors reported a rise in new instructions up from 12% in April. RICS spokesman Jeremy Leaf said: 'The stabilisation in buyer enquiries sends a clear signal that home buyers are undeterred by recent interest rate rises. However, the full impact of rising rates is yet to be felt and buyers tempted by the recent strength of house price rises may need to exercise caution. With interest rates expected to rise even higher and some home owners fearing the end of fixed rate deals, affordability conditions are set to worsen across the board and will herald a cooling market. 'Conditions in the market have loosened as sellers sought to avoid the upfront costs of the recently delayed HIP. However, the surge in supply will be short lived, although owners of four bedroom properties may decide to enter the market before the next deadline on August 1,' he concluded.
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Uniquely unique? The Yorkshire grain silos transformed into a home that's a symphony in glass, steel and curvesAmid the beautiful countryside of North Yorkshire, on the edge of the Castle Howard Estate, The Silos is a property for which the word 'house' simply doesn't cut it. And that's not the only way in which it's made us throw out the dictionary.
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Polluting water executives now face up to two years in prison, but will the new laws make much of a difference?The Government has announced that water company executives caught covering up illegal sewage spills could now be imprisoned for two years, under new laws — but many still have their doubts.
