"I’d be worried if I were selling my house now": The state of Greater Manchester's property market during uncertain times

Any homeowner with a mortgage or first-time buyer who has applied for a mortgage will understandably be concerned right now. The market is currently in turmoil following recent announcements that came from the government's mini-budget on Friday.

After Chancellor Kwasi Kwarteng revealed his and Prime Minister Liz Truss's plan for the economy, hundreds of mortgage deals have been withdrawn from the market following fears that the Bank of England could raise interest rates to save the pound. 3,961 residential mortgage deals were available on Friday but this has dropped by 365 today (September 27) down to 3,596 deals, analysis for the PA news agency found.

With the possibility that interest rates could rise by another 0.75 percent also comes fears that mortgage repayments could rise by another £100 a month by Friday, putting homeowners under even more pressure in the midst of the cost of living crisis.

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So with mortgages in crisis, what does this mean for first-time buyers and homeowners in Greater Manchester? We spoke to mortgage experts and brokers across the region to find out whether or not we should be worried.

Jamie Thompson, a Manchester-based mortgage broker who runs his own company, said: "I wasn’t worried when lenders were taking deals away due to being too busy with too many applications, but this suggests they are now losing confidence in the market, which is a worry.

"First time buyers will likely suffer most as if there is a loss of confidence then lenders tend to no have high loan to value products, which means a larger deposit is required. This is what happened for months during the heights of the