Are Interest rates going to drop?
Whilst there has been lots of news about interest rates rising and house prices dropping, we have put the facts into perspective for potential buyers and sellers.
Whilst the market value of properties does tend to fluctuate, January saw the biggest monthly increase since 2020. The average asking price for UK homes rose by over £3,000 according to Rightmove, which could be a sign of some stability.
Here at Austin and Carnley we have seen a drop in the number of conveyancing matters but this was following a large increase in 2022 and now seems to have stabilised to a “normal” demand.
We expect that affordability, and mortgage rates rises will hold some people back from selling their homes but there is good news from banks in regards to their interest rates.
The average fixed mortgage rates continue to fall. According to Moneyfacts data, both the average two and five year fixed deals have fallen 0.09 percentage points.
Below they have listed some of the lowest mortgage rates.
If you would like to talk to one of our Conveyancing Experts regarding your conveyancing needs, we would be more than happy to help.