7% drop in England and Wales off-plan home sales due to rising mortgage interest rates.
UK off-plan home sales have dropped due to rising mortgage interest rates, resulting in a 7% decrease to 32% of new homes sold before construction in England and Wales. House builders have slowed development rates to conserve capital and avoid being left with unsold properties. Higher interest rates lead to longer borrowing periods at increased costs, which could impede the government's housebuilding targets.
May 27, 2024
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