Thanks for joining us. Falling mortgage rates have triggered a surge in buyer demand which has put the property market on the verge of a bounceback.
Buyer inquiries and sales have recovered after lenders began cutting mortgage rates, according to the Royal Institution of Chartered Surveyors (Rics).
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What happened overnight
Asian shares traded mixed as pessimism spread among investors about any imminent interest rate cuts in Britain, Europe and the United States.
Tokyo stocks closed slightly lower as they were also weighed down by falls in Chinese shares despite support from a relatively cheaper yen.
The benchmark Nikkei 225 index inched down less than 0.1pc, or 11.58 points, to 35,466.17 while the broader Topix index lost 0.2pc, or 4.29 points, to 2,492.09.
Australia’s S&P/ASX 200 slipped 0.6pc to 7,346.50. South Korea’s Kospi gained 0.3pc to 2,442.99. Hong Kong’s Hang Seng reversed earlier losses and added 0.6pc to 15,369.59, while the Shanghai Composite dropped 1pc to 2,805.55.
Wall Street slipped following another signal that it may have gotten too optimistic about when the Federal Reserve will deliver the cuts to interest rates.
The S&P 500 fell 26.77 points, or 0.6pc, to 4,739.21. It is the second-straight stumble for the index after it closed out its 10th winning week in the last 11 near its all-time high.
The Dow Jones Industrial Average dipped 94.45, or 0.3pc, to 37,266.67, and the Nasdaq composite slumped 88.73, or 0.6pc, to 14,855.62.
US Treasury yields were pressured higher by the some strong retail sales figures combined with an unexpected rise in UK inflation. Benchmark 10-year bonds last rose to 4.1pc from 4.066pc late on Tuesday.
In Wall Street, the Dow Jones Industrial Average of 30 leading American companies fell 0.25pc, to 37,266.67, the broader S&P 500 lost 0.56pc, to 4,739.21, and the technology-heavy Nasdaq Composite index dropped 0.59pc, to 14,855.62.