UK Housing Crisis Looms as Some Mortgage Rates Triple

Over 1.4 million UK homeowners will need to refinance their mortgages this year, facing rates up to three times higher than their current ones. This surge is expected to peak by June. Unlike the US, where mortgages are typically 30 years, UK fixed-rate mortgages are set for two or five years, causing British homeowners to feel the impact of rising rates more quickly. As a result, many will need to cut spending to manage higher costs. The demand for new loans has decreased, with mortgage approvals hitting their lowest since 2009, excluding the COVID lockdown period. House prices are also dropping at a significant rate, and properties are taking longer to sell.

What trend has been observed in UK mortgage approvals as of January?

What has been the trend in house prices in the UK since 2009?