Property estate agent sales and letting signs are seen outside an apartment building in Lichfield, Britain, May 3, 2022. REUTERS/Andrew Boyers/File PhotoLONDON, Nov 28 - British property market activity stalled in October and house price growth slowed to its lowest quarterly level since February 2020 due to a disastrous "mini-budget" and a cost-of-living crisis, a survey released on Monday showed.
The spike in mortgage rates in the aftermath of the Truss plan led to a sharp decline in housing activity that real estate group Zoopla said was "more pronounced in new buyer demand than sales agreed". Zoopla said it expects mortgage rates to return towards the 4-5% level at the start of 2023 after the cost of 5-year fixed loans eased from a peak above 6% last month.
Zoopla predicts British house price growth to head towards 0% and possibly enter negative territory next year.
Is anyone betting on this collapsing UK housing market in vein of the mortgage meltdown in the USA in 2007?
How much longer can they blame the mini budget for..? Before they admit everything’s falling apart..?
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