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The sharp increase in borrowing costs is likely to exert a significant drag on near term housing market activity, Nationwide Building Society said.
Households made the the highest level of withdrawals from banks and building societies in May since monthly Bank of England records started in 1997.
The knock-on-impact of high inflation and frozen tax allowances may have pushed more people aged 65 and over into paying tax, experts suggested.
Scottish Widows’ national retirement forecast has been created to assess the potential retirement outcomes for people aged 22 to 65.
Zoopla said its view is that 5% mortgage rates represent a ‘tipping point’ for the housing market.