Property website Zoopla has warned that property hunters buying power will fall by 28% as mortgage rates rise and said that Wales is one of the areas of the UK that is most vulnerable to house price falls.
The latest House Price Index report from the property portal Zoopla said that mortgage rates were on track to hit 5% by the end of the financial year and that this would dramatically reduce the amount buyers would be able to pay for a home.
Zoopla said Wales was particularly vulnerable to a resulting house price fall as the nation recorded a 27% jump in prices following the start of the pandemic, equivalent to 10 years of pre-pandemic growth squeezed into just two years. It said the greatest hit to buying power was likely to be in the high price and high growth markets. See advice from one mortgage advisor here.
