House prices fall at fastest rate since 1995

The Royal Institution of Chartered Surveyors (Rics) has said house prices have fallen faster than at any time since 1995, as interest rate rises take effect.

The housing slowdown hit every region of Britain, bar Scotland.

"The Bank of England is getting what it wanted. The housing market is slowing down with the economy, after consistent interest rate rises," said Rics spokesman, Ian Perry.

"The medicine is working. The slowdown is desirable from the point of view of market sustainability and may mean that further rates rises are unnecessary for the time being."
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