Financial Times - Summer slowdown ‘sharper than usual’ for UK property sales

The pace of sales in the UK property market has slackened over the summer, underlining the impact of higher mortgage rates and broader economic uncertainty on buyers’ appetite. The number of sales agreed over the four weeks to July 19 fell by 9 per cent compared with the same period last year, according to property site Zoopla.

Aaron Strutt, product director at broker Trinity Financial, said: “Mortgage rates have been going up for a while now, pretty much since the war in Iran started again. Some of the biggest lenders have raised their fixed and tracker rates twice in the space of a week.”

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