The number of completed sales will hit its lowest level since 2012, according to listings site Zoopla.
It’s official. According to the property listings site Zoopla, home sales this year are set to be down on 2022 levels by 20 per cent. This means that the number of completed sales will hit its lowest level since 2012 – when Britain was riding out the aftermath of the global financial crisis.30 per cent fall in mortgage approvalsSo, not only are fewer home sales getting over the line, fewer people are being granted mortgages to buy them.
None of this should come as a surprise. It has been on the cards since Liz Truss and Kwasi Kwarteng’s ill-fatedAll told, the latest data suggests that the impact of the rising mortgage rates which have been deliberately hiked by the Bank of England as part of its attempt to tame high inflation is now being felt in the housing market.
I am hearing that builders are stuck with expensive new homes that they cannot sell. Indeed, next door to my own building in east London is a shiny brand-new block of flats where no flats have sold despite being on the market for several months. A few years ago, they’d have been snapped up before they were even finished.after the builder Crest Nicholson said it expected to make a profit of about £50m this financial year, compared with the £74m it had expected in June.
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