The property market is looking positive this February, as the recent decrease in mortgage rates seems to have boosted optimism among buyers.
The lower rates have provided home movers with additional options including 5-year fixed rates just over 4%.* Because of this, we should see a increase in positive activity within the market as mortgages, and properties, become more accessible for buyers.
As part of this new chapter in the property market, HSBC became the first major lender to cut their mortgage rates to below 4%.* Other major high-street names then followed the trend by reducing their rates in early January. Now Halifax is currently offering the lowest mortgage rates at 4.18%, with Nationwide following closely at 4.30%.* The other larger banks are all still producing impressive mortgage rates, at just under 4.5-5%.*
These figures suggest an exciting start to the first quarter of 2024 and suggest this may be the year to make moves on the property market.
Written by Durden and Hunt Director, James Hunt
Loughton Estate Agent, Hornchurch Estate Agent, Ongar Estate Agent, Wanstead Estate Agent, Canary Wharf Estate Agent
