The housing market is grinding to a halt as elevated borrowing costs and fears of a property tax raid by Andy Burnham sap demand among would-be buyers.
Figures from the Bank of England show just 56,205 mortgages were approved last month, which is down from 66,034 in April and the lowest number since December 2023.
Research by property website Zoopla found that three in five homes listed for sale since January are yet to find a buyer, while house sales are down 7 per cent year-on-year.
‘Higher mortgage rates and political uncertainty have shrunk the pool of committed home buyers,’ the report said.
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