Property portal OnTheMarket says “there will undoubtedly be significantly fewer transactions this year” amid ever-growing interest rate fears, but still expects its profits to rise.
In the year to 31 January, the business made a profit of £8 million, up by 38%, but all businesses in the property sector face big challenges ahead. Mortgage rates have skyrocketed in the past six weeks, with the average two-year fix now at more than 6..5% and the average five-year deal above 6%.
