Aneisha Beveridge, research director at Connells Group, said: “March marked a clear turning point as mortgage rates rose sharply in a short space of time.
“In one month alone, the share of movers agreeing a mortgage rate above four per cent jumped from 58 per cent to 83 per cent, the steepest month on month shift we’ve seen since the 2022 mini Budget.
“The result wasn’t a collapse in demand, but it did knock confidence and prompt some households to pause, particularly among sellers and movers weighing up whether to press ahead.
“Crucially, it was the speed of that change rather than the absolute level of rates that caught households off guard, with borrowing costs broadly back to where they were a year ago.
“If recent falls in swap rates translate into more sustained mortgage pricing relief, it would help restore confidence and reduce some of the uncertainty that’s crept into decision making, allowing activity to stabilise and momentum to rebuild as the year progresses.”
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