Indicators
UK Home Sales Poised to Plunge to Lowest in Over a Decade
- Home deals to fall more than 20% from 2022, Zoopla says
- Housing market is under pressure from spiraling mortgage costs
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UK home sales are on track to drop to the lowest since 2012 this year as stubbornly high mortgage rates grip the housing market.
Residential transactions are set to fall over 20% from 2022, according to an estimate from property portal Zoopla based on the number of homes being sold “subject to contract” so far this year. That’s on the back of a plunge in deals funded by home loans, with mortgaged sales projected to drop 28% this year.