- Official figures reveal a significant downturn in the UK property market, with residential property deals in March falling by 41 per cent compared to the previous year.
- Estate agents, including Foxtons, have reported substantial drops in sales commission and buyer interest, even as sellers reduce prices.
- The Bank of England's decision to hold interest rates, coupled with hints of a potential rise, has further dampened hopes for more affordable mortgage deals.
- Geopolitical uncertainty, particularly concerning the Iran war, and rising household bills are severely impacting buyer confidence and contributing to a sluggish market.
- Despite the usual spring bounce, experts describe the current housing market as 'pausing or stalling', though some anticipate lenders may eventually cut rates to stimulate activity.
IN FULL
