🏘️ ‘Viewings have fallen by 50%’: Estate agents warn of looming housing market slowdown
ReporterEstate agents across the UK have seen a steep reduction in interest and offers from potential homebuyers in the past few weeks after interest rates soared after the Government’s mini-Budget.
“We’d list the property and within an hour the phone would just be off the hook. Now it’s totally the opposite. We’re sometimes scratching our heads thinking ‘we’ve just listed the property and the phone hasn’t rung yet, what’s going on?’” he said.they had seen a 50 per cent reduction in the number of people viewing properties since the budget as the “shock” of interest rate rises “spooked buyers”.
James Forrester, managing director at Barrows & Forrester estate agency, based in Birmingham, said general buyer enquiries were down 10 per cent.
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