Business · Economy · 1 hr ago

High mortgage rates and firm prices make new homes less attractive

High mortgage rates and firm prices make new homes less attractive

New homes are becoming less attractive to buyers as demand weakens.

High mortgage rates are putting buyers off because borrowing costs are higher.

Prices remain high despite the weaker demand, making new homes harder to afford.

ING research points to this shift in the housing market.

Estate agents have also raised concerns, saying new-build prices are slow to change.

The sources do not say what will happen next, but the combination of weaker demand and firm prices is making conditions difficult for new construction.

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What people are saying

Real estate agentsProperty market professionals
New-build prices are fairly rigid.
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