Londoners have seen their buying power plummet more than anywhere else in the country thanks to rising mortgage rates, new research from Zoopla shows.
The average five-year fixed mortgage rate is around 4.8 per cent today for a new 75 per cent Loan-to-Value (LTV) mortgage, up from below 4 per cent in January.
A UK homebuyer who could afford a £200,000 mortgage at the beginning of the year, for example, can now borrow around £182,000 for the same monthly repayment, representing a nine per cent reduction in buying power.
Alternatively, to keep monthly repayments the same, a buyer…
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