Higher mortgage rates have reduced demand for homes by 18% nationally in the past two months, according to the latest Zoopla data.

Borrowing costs began to rise from mid-May 2023. In June, the Bank of England increased the base rate to 5%, resulting in mortgage rates of above 6%.

This month, sales of three or four-bedroom homes fell by 41% and overall buyer demand has plummeted 40% year-on-year, according to Zoopla’s House Price Index.