Exodus of first-time buyers puts brakes on UK housing market

House-hunters have put their property searches on hold amid soaring borrowing costs and rising economic uncertainty. Photograph: Andy Rain/EPA

First-time buyers pulled back most from purchasing a home after the increase in mortgage costs following the mini-budget, according to a report showing a widespread slowdown in the property market.

Figures from the property platform Rightmove show buyer demand fell 20% in October compared with a year ago, as house-hunters put their property searches on hold in response to soaring borrowing costs and rising economic uncertainty.