New year and lenders are already racing to slash rates. This may suggest that the somewhat lethargic property market is ramping up for a strong 2024. However, the UK mortgage market is influenced by various factors such as the health of the economy including GDP growth, inflation, employment levels and the Bank of England’s base rate. Whilst the rate of inflation may be dropping, the Bank of England has warned that there is still a long way to go before we are on dry land again. Government policies relating to housing, regulations, tax incentives and schemes contribute to the shifting market dynamics, so trying to guess how the economic landscape of 2024 may look is no easy feat. What we do know is that interest rates are decreasing, and many are predicting that they will continue to drop steadily throughout 2024 alongside property prices which could present opportunities for those who were previously priced out. Along with reduced interest rates lenders are increasing their affordability calculations meaning they are starting to lend more too. For those first-time buyers and or home movers, there may be opportunities for you in 2024 to make that jump! Whatever is in store for the housing and mortgage markets in 2024, we’ll be here to guide you through all your property decisions.
Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay and early repayment charge to your existing lender if you remortgage.
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