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UK house sales set for slowest year since 2012, says Zoopla

Research by property portal points to impact of higher borrowing costs on prospective homebuyers
The resilience of cash transactions is said to be fuelled in part by house purchases by retirees, who had paid off mortgages and were seeking to downsize

UK house sales are on track for their slowest year in more than a decade, as higher mortgage rates and inflation hit the purchasing power of prospective homebuyers.

Some 1mn houses are set to be sold in England, Scotland, Wales and Northern Ireland this year, down one-fifth on 2022 and the lowest figure since 2012, according to research by property portal Zoopla. 

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