The banking industry group UK Finance said loans for first-time buyers slumped 28% compared to the same period a year ago, a slowdown it blamed on deteriorating affordability and turmoil in markets.
The figures added to evidence showing the housing market is cooling in the face of surging mortgage costs, with subdued demand expected to drag house prices lower. “Around 700,000 borrowers have come off their fixed rate deal in the first half of this year and likely found themselves on a much higher rate,” said Eric Leenders, managing director of personal finance at UK Finance. However, he said this is “largely affordable because of the “stress tests” applied when the mortgage was originally taken out.”
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