Mortgage market turbulence in the past month impacted new buyer demand, which went down by 33%, according to property listing platform Zoopla.
Its latest House Price Index, Zoopla revealed that the spike in two and five-year fixed mortgage rates hit demand, following the sudden increase in mortgage rates. It was considered the largest interest rate shock for new buyers since the late 1980s.
Richard Donnell, executive director of research at Zoopla, said the immediate impact had been on households without mortgages arranged at cheaper rates.
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