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Homes harder to sell as high mortgage rates frustrate buyers
Key takeaways
- A lack of demand from buyers, as well as some high asking prices from sellers, have left homes in some areas unsold.
- Agreed sales were 7% below last year, Zoopla said, but the picture varied across the country with sales down 12% in Wales and 11% in the East Midlands.
- First-time buyers were most exposed to high mortgage rates, although there are now signs of greater competition among lenders who are lowering rates.
Why this matters: a developing story that could shape the day's news cycle.
A lack of demand from buyers, as well as some high asking prices from sellers, have left homes in some areas unsold.
Agreed sales were 7% below last year, Zoopla said, but the picture varied across the country with sales down 12% in Wales and 11% in the East Midlands.
First-time buyers were most exposed to high mortgage rates, although there are now signs of greater competition among lenders who are lowering rates.
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