As autumn settles in and the housing market adapts to ongoing affordability pressures, it’s a good time to review the latest developments and consider how they could affect your home-moving or mortgage plans. In this edition, we explore the current state of the property market, the outlook for mortgage rates, proposed home buying reforms, and practical guidance for buyers, sellers and homeowners navigating today’s market.
Excerpt from the newsletter below…
As we move into autumn, the UK housing market remains relatively subdued. Higher borrowing costs and economic uncertainty continue to weigh on demand, while house prices have shown little movement. However, the market remains active, with buyers and sellers continuing to adjust to the current environment.
The outlook for mortgage rates remains difficult to predict. Average fixed rates increased again during July and into August, although some lenders have subsequently reduced selected deals. The Bank of England held Bank Rate at 3.75% in September, but mortgage rates do not necessarily move in line with Bank Rate. Market expectations, swap rates and lender competition can all influence the cost of fixed-rate borrowing…