Housing market in England and Wales weakening due to Iran war, say estate agents

Homebuyers more cautious due to possible mortgage rate rises and higher inflation as sellers sit on properties

Fears of higher mortgage rates and rising inflation as a result of the Middle East conflict are leading to a subdued and downbeat housing market, according to estate agents.

Demand from potential homebuyers across England and Wales has shown a “noticeable softening” recently, according to a monthly survey of estate agents by the Royal Institution of Chartered Surveyors (RICS).