There’s no denying its been an interesting start to the year. The first weeks of January saw lenders easing mortgage rates in response to positive data about the UK economy, an increase in house sales and continued speculation that interest rates have peaked*.
Whereas last year we saw a 15 year high rate of 6.85% (in August 2023)* January’s mortgage rates of closer to 4% come as perhaps both a welcome and optimistic sign of things to come. Its good to see the competition between the lenders present more affordable options for buyers that may have felt priced out of their local housing market and a related mortgage.
Its worth noting that demand for properties has remained and they are continuing to sell faster than you might think. In fact, according to a recent Zoopla study, two-bedroom terraced houses have an average sale time of just 28 days.
As such we are seeing a consistent amount of properties becoming available, varying across type, bedroom amount and price, with some getting a sale agreed before they are marketed. If you’ve not done so already, being registered with us can help to ensure you are one of the first to find out about our new properties when they become available.
With the changes in the market and particularly the mortgage rates it has once again become important to requalify and understand your position and budget for a sale or purchase. Knowing what you can and can’t do or afford can put you in a positive position to help secure an efficient sale or purchase.
Written By Durden And Hunt Director, James Hunt
*FT.com
Loughton Estate Agent, Hornchurch Estate Agent, Ongar Estate Agent, Wanstead Estate Agent, Canary Wharf Estate Agent
