the worst part for him is that the house cost about 350k...it...

the worst part for him is that the house cost about 350k...it cost around 13k in taxes conveyance stamp duty etc to buy it, it will cost him around the same to sell it so he will be down nearly 30k straight up.
On top of this its gonna be harder for him to sell as the banks wont lend as much now rates have risen, what is going to happen if rates here do what they have been doing everywhere else eg in the US 13 rises in 13 months