The housing market experienced a slowdown in July, a new report claims.

Figures from the National Association of Estate Agents (NAEA) show that the recent rises in interest rates have meant that consumers are now "starting to feel the pinch" - leading to a visible impact on household spending.

The number of people looking to purchase a new home fell by 2.5 per cent in July, with an average of 314 buyers registering in comparison to the 322 recorded in June. In July of last year there was an average of 387 house hunters on agents' books, meaning that registrations are down 18.9 per cent year-on-year.

The number of properties for sale also fell in July, down by a "significant" 33.8 per cent. Agents had an average of 45 properties on their books during the month, compared to the mean of 68 reported in June.

"The dramatically reduced figures reported by agents are clearly quite concerning. It is apparent that the summer season coupled with the interest rate rises has clearly affected buyers and sellers during the month, leading to the significant drops in buyers, sales and stock," NAEA president, Stewart Lilly, commented.

"The turbulent weather experienced in some parts of the country has also impacted on the market as buyers and sellers in the affected areas are forced to re-assess property situations during the aftermath of the flooding.

"“The next couple of months are likely to see the housing market continue to be slower than usual for the time of year as buyers and sellers gain back some confidence and much needed equity, enabling them to get moving once again."

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