The number of houses sold in the UK this year is on track to be the lowest since 2012, according to property website, Zoopla.
Around one million sales are set to be completed this year, with transactions almost a fifth lower than in 2022.
The cost of mortgages and rents have risen sharply since banks started increasing rates on lending.
The cost of mortgages and rents have risen sharply since banks started increasing rates on lending.
Existing homeowners using a mortgage to buy a house typically account for a third of annual sales.
According to Zoopla, those buyers are now more likely to wait until the outlook for rates becomes more favourable, despite property prices falling in some parts of the UK.
The average rate on a two-year fixed mortgage deal is 6.74%, according to the financial information service Moneyfacts. The typical rate for a longer five-year deal is 6.22%.
Mortgage costs are much higher now than the ultra-low rates of less than 2% many homeowners enjoyed in previous years.
The Bank of England has increased its benchmark rate 14 times in a row to reach its current level of 5.25% as it seeks to slow soaring prices.
The number of houses sold in the UK this year is on track to be the lowest since 2012, according to property website, Zoopla.
The cost of mortgages and rents have risen sharply since banks started increasing rates on lending.
Around one million sales are set to be completed this year, with transactions almost a fifth lower than in 2022.
Existing homeowners using a mortgage to buy a house typically account for a third of annual sales.
The cost of mortgages and rents have risen sharply since banks started increasing rates on lending.
The cost of mortgages and rents have risen sharply since banks started increasing rates on lending.
Existing homeowners using a mortgage to buy a house typically account for a third of annual sales.
According to Zoopla, those buyers are now more likely to wait until the outlook for rates becomes more favourable, despite property prices falling in some parts of the UK.
The average rate on a two-year fixed mortgage deal is 6.74%, according to the financial information service Moneyfacts. The typical rate for a longer five-year deal is 6.22%.
Mortgage costs are much higher now than the ultra-low rates of less than 2% many homeowners enjoyed in previous years.
The Bank of England has increased its benchmark rate 14 times in a row to reach its current level of 5.25% as it seeks to slow soaring prices.
#House #sales #slump #lowest #decade
Note:- (Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor. The content is auto-generated from a syndicated feed.))
