House purchase mortgage approvals on track to fall by 13%
'We expect to see mortgage approvals for house purchases take a notable dip come the end of this year,' says Octane Capital after checking BoE data. 'This is due to the recent turbulence seen across the mortgage market, with growing uncertainty and an increased cost of borrowing deterring many buyers from progressing with their purchasing plans.'
Economists expect interest rates to spike and house sales to tumble - meaning the last year's worth of aggressive property price growth could be rolled back.
The Office for Budget Responsibility expects a year's-worth of house price growth to be reset as the economy declines and mortgage rates peak at 5%.
A recent survey has also found that British buyers are more likely to put forward a lower offer than asking price compared to their European counterparts.
Companies in this articleOctane Capital
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