How ‘serious buyers’ are keeping the UK property market in business

• UK home buyer demand softened in March, attributed to rising mortgage rates and global uncertainty, according to property website Zoopla.
• Agreed sales saw a 2 per cent annual decline, with the market largely sustained by committed buyers who have already secured their mortgage agreements.
• Buyer inquiries dropped by 13 per cent year-on-year, indicating a cautious “wait and see” approach among potential purchasers.
• Despite the slowdown, the overall number of homes for sale increased by 6 per cent annually, and approximately a quarter of sales are cash purchases, less sensitive to mortgage rate fluctuations.
• UK house price inflation remains steady at 1.3 per cent annually, with the strongest growth observed in more affordable regions like the North West of England.

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Housing market softens while relying on ‘smaller pool of serious buyers’