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The Independent UK

National

Anna Isaac

First-time buyers see hopes destroyed amid rising interest rates and higher rents

Kwasi Kwarteng Interest Rates Andrew Wishart Liz Truss Bank of England Capital Economics Inflation OBR

PA Wire

UK property prices are set to drop by as much as 12 per cent as those looking to land their first home see their buying power destroyed, economists have warned.

The warning comes as the average interest rate for a two-year fixed-rate mortgage surpassed 6 per cent for the first time since 2008, according to financial data provider Moneyfacts.

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