An online property platform says it expects May’s sales figures for new build searches to be slightly below expectations.
This is as investors and owner occupiers feel the impact of higher interest rates and the growing cost of living crisis.
New data from the Whathouse platform shows that searches in April slowed by seven per cent, and across all new home types including Luxury, Help to Buy, and Retirement.
“Many buyers may hit pause on new home ownership until affordability is more certain” it says in a statement.
The platform’s managing director, Daniel Hill, says: “The first three months of 2022 represented a seemingly limitless surge in … interest in new build homes, as people took action to achieve their long-planned lifestyle goals once final pandemic restrictions were lifted.
“Now, as the cost-of-living crisis bites, the brakes are starting to go on.”
And he adds: “The reality of housing affordability and continued economic uncertainty means this slowing looks set to carry on through May and for the remainder of the summer.”
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