Latest figures from Zoopla reveal how rising mortgage rates are leading to a housing market slowdown
Housing sales are set to fall to their lowest level in over a decade this year as rising mortgage rates create 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.
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.
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