The property market has faced turbulence over the last few months as a result of the mini budget which was announced by former Prime Minister Liz Truss and chancellor Kwasi Kwarteng. After the then-government's plans was unveiled back in September, mortgage lenders began wiping hundreds of deals off the market due to fears that the Bank of England may raise interest rates to bring down inflation.
At the start of November, the Bank of England raised interest rates to 3 percent - which is the highest base rate since the recession in 2008. The 0.75 per cent rise is also the biggest interest rate increase since 1989 and the eighth consecutive time that the Bank has raised rates in less than a year.
Since then, worry has mounted amongst homeowners and first-time buyers as with higher interest rates come higher mortgage repayments, making owning a home even more unaffordable amid the cost of living crisis.
