‘Pain in the post’ for housing market as buyer demand weakens and mortgage costs jump

The UK housing market is experiencing significant strain, described as ‘pain in the post’, as prospective buyers show reduced interest and activity, leading to slower transaction volumes and heightened uncertainty among sellers. Concurrently, the cost of borrowing is climbing sharply, with mortgage rates rising and adding further pressure to market dynamics, prompting lenders to tighten criteria and borrowers to reassess affordability.