UK housing market shows signs of slowdown

The Royal Institution of Chartered Surveyors (RICS) said its new buyers gauge fell to -7 from 8 in April, the first time it turned negative in nine months.

LONDON: Britain's housing market showed signs of a slowdown in May as fast-rising inflation and higher interest rates tightened the financial squeeze for many households, according to a survey published on Thursday.

The Royal Institution of Chartered Surveyors (RICS) said its new buyers gauge fell to -7 from +8 in April, the first time it turned negative in nine months.