Here’s an update based on the information provided:
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**UK Housing Market Stalls as High Mortgage Rates Deter Buyers**
The UK housing market is experiencing a significant slowdown, with high mortgage rates increasingly frustrating potential buyers and impacting sales velocity. According to new data from property portal **Zoopla**, a substantial **three out of five homes listed for sale since January of this year remain on the market.**
This metric underscores the challenges faced by sellers as elevated borrowing costs lead to reduced buyer affordability and heightened hesitancy. The prolonged time on market signals a cooling trend in demand, forcing sellers to potentially reconsider pricing strategies or brace for longer sales cycles. The data highlights the direct impact of monetary policy on consumer purchasing power within the property sector.
