State of the Market

Post date:

August 8, 2023

Since our last update, interest rates have continued to rise…

Since our last update, interest rates have continued to rise with the Bank of England having increased its base rate 14 times since December 2021 which has increased borrowing costs for everyone. We have however seen some positive activity in the market recently with many lenders reducing their own interest rates for customers which hopefully is a sign that the mortgage market is stabilizing after what has been a very turbulent year.

We have also seen the reintroduction of 100% mortgages which can help those currently renting to get on the property ladder. Again, hopefully this is a sign of lender confidence in the housing market.

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