Shares in big UK estate agent chain fall as housing market cools

Housebuilders also see share price falls as interest rate rises and cost of living crisis deter potential buyers

Shares in one of the UK's biggest estate agent chains and some of the largest British housebuilders fell on Friday, amid the latest warnings about the outlook for the housing market, as potential homebuyers are squeezed by rising interest rates and the cost of living crisis.

The share price of LSL Property Services, one of the UK's largest estate agent chains, tumbled by as much as 11% after it warned on profits for the second half of the year and said conditions in the housing market had become more challenging than anticipated.