State of the Market

Post date:

February 18, 2023

Following on from Kwasi Kwarteng’s disastrous budget on 23rd September 2022 the mortgage market suffered a massive fallout with many lenders immediately increasing their interest rates and some even withdrawing from the market completely.

Despite the Bank of England increasing its base rate again last week we have seen a gradual reduction in the rates being offered by lenders and I am pleased to see that Virgin Money this week released its first sub 4% product, the first of its kind since September last year and hopefully a sign that confidence is returning to the housing sector.

It has been a challenging Winter for many with the cost of living and energy crisis being compounded by increased interest rates and the war in the Ukraine, but hopefully the strength of the UK economy can bring inflation levels down and avoid further hardships in 2023.

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