The number of sales recorded at key private housing estates dropped 12% last week and agents said this was because of concerns that banks might be poised to raise mortgage rates.

A total of 390 deals were done from September 14 to 20 in the 50 major housing estates monitored by Ricacorp Properties, compared with 444 deals a week earlier.

The average price at which the units were sold was down 0.5% on the previous week, reversing an eight-week continuous growth in prices.

South China Morning Post