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The Guardian - UK
The Guardian - UK
Business
Larry Elliott Economics editor

Housebuilders cut back on construction as UK mortgage rate rises spook buyers

SP United Kingdom John Glen Bank of England
a building worker sorts pavement bricks
The Bank of England has raised official interest rates 12 times in the past 18 months, spooking demand from potential buyers for new homes. Photograph: Mark Bourdillon/Alamy

Britain’s housebuilders are cutting back on the construction of new homes amid signs that potential buyers are being spooked by the prospect of increases in mortgage rates over the coming months.

The latest report on the construction sector found that work on residential building sites slipped in May to the weakest level since 2009, apart from when sites were locked down during the Covid pandemic.

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