Thinking about moving house? The market is looking up
It’s good news for anyone looking to move house: interest rates are steadily falling, with lenders in stiff competition to offer the lowest rates to attract customers.
This, along with increased activity over the Christmas and New Year period on sites such as Rightmove, all bodes well for the property market in 2024.
If you’re looking to step onto the property ladder for the first time, or thinking of up or downsizing, now might be the time to start your search for your new home.
The country saw the average rate for a two-year fixed mortgage jump as high as 6.66% in July 2023. As of 3rd January 2024 however, the average five-year fixed rate mortgage was down to 5.53% according to Moneyfacts data.
Lenders are now in competition with each other to offer better rates to secure business, which is good news for those wanting to sell up and move house.
One bank following suit has recently announced its across-the-board mortgage interest rate cuts, including a five-year fixed re-mortgage deal of 3.94% for those borrowing up to 60% of the property value.
The bank is even offering a 10-year fixed rate deal starting from 3.99% - indicating that the bank is confident that rates are only going to drop further in future.
As reported in The Guardian, experts have predicted that there could be up to as many as four Bank of England interest rate cuts, which has prompted providers to start cutting their mortgage deals.
Recent data from Rightmove reveals that there was a new record number of sellers on the site on Boxing Day, with a 26% increase in new sellers - beating the previous record from 2022.
Many of these individuals were eager to get the ball rolling quickly after Christmas, with the number of buyers contacting estate agents about homes for sale at 17% higher than the figures from the year before.
Research has revealed that thousands of sellers have decided to re-list their homes for sale in the new year, providing money-savvy homebuyers with the opportunity to secure some significant discounts. Data shows that there have been over 2,000 properties returning to the market having previously failed to sell.
Buying and selling houses isn’t just about filling out endless paperwork - it’s about looking after people and their futures. Our experienced team of solicitors have helped generations of families to buy, sell and re-mortgage their properties for more than 100 years.
As a member of the Law Society’s Conveyancing Quality Scheme (CQS) - a recognised quality standard for residential conveyancing practices - our exceptional service is backed up by our knowledge of the local property market, and a genuine desire to protect our clients’ investments.
Whether you’re a seasoned buyer, or looking to purchase your very first home, we’ll be able to advise and guide you through the process while ensuring that your hard-earned assets are fully protected.
Get in touch with our team today to find out how we can help you.
Contact Caroline to discuss this further.
