Report: Interest rates and political turmoil are causing the UK real estate market to stagnate.

A report from the real estate website Zoopla shows that a shrinking group of homebuyers in the UK is causing a decrease in housing transactions in June due to higher mortgage rates and political uncertainty. The report states that three-fifths of homes listed for sale since January are still on the market, with housing transactions in the past four weeks down 7% compared to the same period last year. However, the decline in the North and Scotland is relatively mild because these areas have limited housing supply, and homebuyers in these areas are not facing as dramatic increases in mortgage repayments compared to the South. With higher borrowing costs and political resistance reducing the number of homebuyers in the market, housing demand has also decreased by 15% year-on-year. The report states, "The changing of the Prime Minister, as well as uncertainty surrounding future tax and spending priorities in the autumn budget, has exacerbated the uncertainty."