The mortgage crisis is leading to a housing market slowdown, latest figures from Zoopla reveal
Housing sales are set to fall to their lowest level in over a decade this year as rising mortgage rates have created aZoopla’s monthly housing index, which tracks the number of homes sold subject to contract, said the UK is on track for one million sale completions in 2023, which is down 21 per cent on the number of sales in 2022.
The figure is the lowest since 2012 and is equivalent to the average household moving just once every 23 years, an increase of six years since 2021, the property portal site said. Zoopla attributes the slowdown to rising mortgage rates, which have left many prospective buyers facing the prospect of paying rates of 6 per cent or above in order to move or buy their first home.
While cash sales are down just one per cent compared to 2023, the number of mortgaged sales is on track to be almost a third lower. The figures show the impact rising mortgage rates have had on the housing market, with Zoopla commenting that existing homeowners with a mortgage are likely waiting for rates to improve before moving house.
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