There is a strong sense of fear and concern amongst residents of Greater Manchester as the state of the UK property market worsens. Homeowners and first-time buyers are being forced to make difficult and often 'life changing' decisions when it comes to their mortgage and what they may or may not be able to afford in the coming months.
Ever since the government's mini budget last Friday (September 23) mortgage lenders have been wiping deals off the market due to fears that the Bank of England may raise interest rates to as high as 6 percent. On Friday 3,961 mortgage products were available but just 2,340 remained on sale on Thursday (September 29) - showing a record loss of 1,621 deals in less than a week, reports PA news agency.
Worry is now mounting amongst homeowners as with higher interest rates come higher mortgage repayments. With the market predicting a rate beyond 6 percent in the first half of 2023, owning a home could become even more unaffordable amid the existing cost of living crisis.
