Institution: Tax concerns have hampered the weak recovery of the UK real estate market in July.

The Royal Institute of Chartered Surveyors in the UK said on Thursday that the extent to which the recovery of the housing market in July has weakened is the largest in a year, as some home buyers are concerned that the UK Chancellor of the Exchequer Rishi Sunak may increase taxes in the next budget. RICS' monthly report states that its measure of new buyer inquiries has turned negative, with sales prospects remaining flat in the near term, and more surveyors reporting a decrease in house prices than an increase. RICS Chief Economist Simon Rubinsohn stated that the uncertainty surrounding the Bank of England's next interest rate move is casting a shadow over the outlook. The Bank of England's Monetary Policy Committee narrowly passed a decision to cut interest rates last week. It is widely expected that Sunak will announce a second consecutive year of tax increases when he presents the annual tax and spending plan in October or November to bring the government's finances back in line with the rules.