One in six sellers is now forced to reduce their initial asking price by a sizeable margin
MARKET DOWN: Zoopla said its view is that 5 per cent mortgage rates represent a ‘tipping point’ for the housing market
Additionally, one in six sellers is now forced to reduce their initial asking price by a sizeable margin - over 10 per cent. The reliance of 70 per cent of buyers on mortgages has made them more sensitive to rising rates, resulting in reduced purchasing power. Furthermore, their data suggests that regions with historically higher property prices and substantial growth in recent years are likely to experience the most significant price declines. Specifically, the East of England, South West England, the East Midlands and the South East are expected to undergo the most significant adjustments in house prices.
The charter offers borrowers options such as switching to an interest-only mortgage for six months or extending their mortgage term to reduce monthly payments temporarily, without requiring a new affordability check or affecting credit scores. Lenders have also agreed to a 12-month minimum period before initiating home repossessions.
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