First-time buyer enquiries fall as mortgage costs rise
By Kerfuffle Editorial ·
Zoopla reports a 27% annual drop in first-time buyer enquiries, with higher mortgage rates prompting more prospective buyers to pause their plans.
A lot of would-be first-time buyers are pressing pause. Zoopla says enquiries from this group are down 27% on a year ago as higher mortgage rates put moving plans on hold.
The figures follow the Bank of England’s decision to raise Bank Rate to 4%. Buyer demand is weakening, with sales agreed also falling across the wider market.
For your branch, keep a close eye on enquiry levels and make sure your team is ready to pick up conversations when hesitant buyers feel able to move again.
Read the full story at Property Soup.