UK house prices stall as mortgage rate rise fuels caution

The drop follows two years of growth, although property professionals recorded some regional variation

House prices stalled last month after more than two years of growth as a sharp rise in mortgage rates fuelled caution among buyers, according to Britain's official surveyors body.

The Royal Institution of Chartered Surveyors (Rics) also predicted that rents will be 4% higher in a year's time due to an imbalance between strong tenant demand and the supply of homes to let.