Home sales ‘set to fall by nearly a quarter’

By Olivia Barber2023-10-30T08:34:00

Higher borrowing costs result in lower sales, while house prices have fallen by less than expected, says Zoopla

The number of homes sold in 2023 has fallen by 23% compared to last year, as the housing market adjusts to higher mortgage rates.

The report finds that higher borrowing costs have resulted in lower sales, rather than a big decline in house prices, with home moves dropping from just under 1.3 million to 1 million this year.

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