Mortgage pain hits first-time buyers: Estate agents see 27% drop off in enquiries

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First-time buyers have put their moving plans on hold in the wake of the Bank of England's decision to raise the base rate to 4 per cent last week.

First-time buyers have put moving plans on hold in the wake of the Bank of England's decision to raise the base rate to 4 per cent last week.

There were 27 per cent fewer estate agent enquiries for homes from first-time buyers in the last week compared to the same period last year, according to Zoopla.

The property website says buyer enquiries are slowing across all types of properties from flats to country houses.

It also says the number of sales being agreed is tracking 10.5 per cent lower than last year.

Fewer sales also means the number of homes available to buy is growing as more stock remains unsold on the market.

Zoopla says the number of homes for sale is up by 9 per cent compared to this time last year.

In particular, the number of two-bedroom houses for sale has increased 14 per cent year-on-year, while the number of homes priced below £200,000 is up 13 per cent – many of these will be flats.

This means there are more sellers trying to compete for fewer buyers meaning prices more often than not have to fall for people to sell.

Put off: Zoopla revealed that first-time buyer enquires have fallen 27 per cent year on year in the wake of the Bank of England's decision to increase interest rates to 4 per cent

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