Housing market activity has slowed as interest rates have risen
(Picture: Daniel Lynch)Zoopla, the online property platform, has warned the impact of the cost-of-living crisis will appear more significantly in the UK housing market this year, although a full-scale crash is unlikely.
Home buyers and mortgage payers are facing a combination of soaring inflation and the rising interest rates central banks are adopting to fight it. Attention this week will focus on the Bank of England’s Thursday monetary policy meeting -- at which some City forecasters are expecting a double-sized, 0.50% hike -- which would take UK interest rates to 1.75% and even further above the record 0.10% low touched early in the pandemic.
