House Sales Slump To Lowest In Over A Decade
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.
Houses bought with cash, where buyers are not relying on a mortgage, are expected to hold up relatively well.
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.
New figures released by the Bank of England on Wednesday show that UK mortgage approvals fell almost 10% in July as prospective buyers found affordability checks increasingly challenging.