A recent analysis by property portal Zoopla reveals a significant cooling in the housing market, with 60% of homes listed for sale since the start of the year currently unsold. This figure highlights the growing difficulty vendors face in securing transactions.
Interest Rates Dampen Demand
The stagnation is largely attributed to elevated mortgage rates, which continue to frustrate potential buyers. Higher borrowing costs have reduced affordability, leading to a slowdown in market activity and longer waiting times for sellers hoping to close deals.
Source: BBC News