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The past year has seen the highest mortgage rates on record, influenced by high inflation, the closure of the Help to Buy scheme and increased costs of living, all of which have put the housing market in a unique position.
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Looking to the future, Pete Mugleston, MD and mortgage expert at Online Mortgage Advisor give his thoughts on what the property market might look like throughout the rest of 2024.
Read about the UK Housing Market via our Specialist Residential & Buy to Let Division
As we head further into 2024 there is a strong indication that mortgage rates will slowly start to go down, which is great news for anyone who has been putting buying a house on hold. Right now, we’re seeing rates for a two-year fixed mortgage at about 5.95% and a five-year fixed at 5.57%, which is lower than before when you consider they were previously at 6.85% and 6.37% respectively.
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Source: Property Reporter