The UK housing market is showing little sign of recovery, with three in five homes listed for sale since January still remaining on the market, according to new data from property portal Zoopla.
The stagnation highlights how elevated mortgage rates continue to frustrate potential buyers, preventing a resurgence in transaction volumes despite earlier hopes for a market thaw.
8% last week, underscoring that the lag between rate cuts and actual market behavior remains substantial.
This latest snapshot reinforces a broader trend of cooling activity across the UK property sector.
Recent declines in borrowing costs have yet to translate into renewed buyer enthusiasm or significant refinancing activity.
Total mortgage application volume fell 3.8% last week, underscoring that the lag between rate cuts and actual market behavior remains substantial.
The slowdown is further evidenced by official figures from the Bank of England, which showed mortgage approvals for house purchases dropped sharply in May.