Buyers face challenges as high mortgage rates slow home sales

High mortgage rates have led to a slowdown in the UK housing market, with three out of five homes listed for sale remaining unsold since January. Demand has decreased, particularly among first-time buyers, partly due to increased borrowing costs caused by a rise in mortgage rates. While recent rate reductions have improved conditions for buyers, the overall market remains subdued, with more homes on the market than there are buyers.

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