Soaring interest rates take toll on UK property market – Bloomberg ...News

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Soaring interest rates take toll on UK property market – Bloomberg
House purchases have dropped as British banks withdraw mortgage offers amid rising borrowing costs, the outlet reports House sales in the UK are in steady decline after the country’s banks started actively pulling mortgage products in response to mounting interest rates, Bloomberg reported on Tuesday. Between Friday morning and Tuesday morning, the number of residential mortgage products on the UK market dropped by 9% to 3,596 from 3,961, according to data compiled by Moneyfacts Group, as cited by the agency. As the financial markets are clearly signaling that the Bank of England might need to raise interest rates

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