Zoopla warns of looming fall in prices ahead of Bank of England meeting on Thursday
Demand for property in the South East has slumped by 40pc since the mini-Budget as potential buyers brace for interest rates to hit a 14-year high this week.
The region has been hit harder than anywhere else in the country by a slowdown taking hold across Britain, according to the property website Zoopla, which expects prices to fall in 2023.
Markets are forecasting that the Bank of England will increase interest rates by 0.75 percentage points on Thursday at its next meeting, taking them to 3pc for the first time since 2008.
Mortgage costs have already surged, partly because the markets took fright at plans for uncosted tax cuts unveiled under the previous Prime Minister Liz Truss.