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First-time buyers have been hit the hardest as higher rates prove a step too far for finances that are already being stretched to their limit.
Demand in the first-time buyer sector is down by 21 percent in the last two weeks compared to the same two weeks last year, however, it is still up 24 percent compared to 2019.
Those who have already agreed their purchase are steaming ahead with their plans.
In fact, only 3.1 percent of sales agreed have fallen through in the two weeks since the mini-budget, which is in line with the three percent over the same two weeks during 2019.
Agents are reporting that those who managed to secure a mortgage offer at a lower rate are rushing to complete their purchase before that lower rate offer expires.
Mr Bannister continued: “The vast majority of buyers who had already agreed their purchase are still going ahead.
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