Anyone who planned to buy their first home in 2023 may have been put off due to the unappealing state of the property market.
The cost of living crisis has put immense pressure on first-time buyers over the last year, with home ownership becoming unaffordable for many.
It comes as the Bank of England chose to repeatedly increase interest rates over the last 12 months in a bid to bring down inflation.
But as the base rate rose to a historical 15-year high of 5.25 per cent, mortgage rates also soared - making monthly repayments hundreds of pounds more expensive for homeowners.
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