Lenders are dropping their rates on both fixed and variable mortgages encouraging buyers re-turn to the market this spring. The mini budget last year caused interest rates to rise and house prices began to drop slightly but now as inflation figures are also falling, lenders are cutting rates and mortgages are becoming more affordable. HSBC has just released a 5-year Fixed Rate of 3.99% which is a long way from the 6.5% they were offering back in September 2022.
We’re seeing new buyers registering with us daily looking for a property in and around London, as a result, we need more stock. Properties are selling well and there are plenty of buyers keen to purchase a property, so now is a good time to sell.
Rightmove reports that at the beginning of January, buyer demand was up by 4% compared with the same period in the last “normal” pre-pandemic market of 2019. The bounce-back in activity this January was bigger than usual this year, following an extended year-end lull.
Latest data from Halifax shows average house prices remain unchanged in January and are around £5,000 higher than in January 2022. Interest rates for fixed mortgages are now available at 3.99% encouraging buyers back to the market.
