UK home searches rise 7% despite 9% drop in buyer purchasing power

Home searches across the UK have increased by 7% year-on-year following a quiet summer period, according to new data from Zoopla. However, buyers are facing a 9% reduction in purchasing power due to rising mortgage costs, with average five-year fixed rates climbing from below 4% in January to approximately 4.8% currently. The post UK home searches rise 7% despite 9% drop in buyer purchasing power…