The Bank of England has just lowered its base rate from 4.5% to 4.25% — the third cut since August. This move signals cheaper borrowing, boosting confidence among buyers and breathing fresh energy into the property market as we approach the winter months.
With mortgage rates expected to drop, more first-time buyers and movers are likely to enter the market. If you're thinking about selling, upgrading, or relocating, now could be the perfect time to take action.
“With interest rates now at 4.25%, more rate cuts on the horizon and a number of lenders offering sub-4% mortgages, the property market will undoubtedly see an increase in buyer activity. Particularly motivated will be first-time buyers who were unable to secure a property ahead of the changes to Stamp Duty thresholds and will see the lower interest rates as a window of opportunity to resume their search. House hunters who are in no rush, might wait until the Bank of England announces another rate cut but as buyer demand strongly outweighs the number of available properties, this strategy could see some buyers missing out.” Matthew Thompson, Head of Sales, Chestertons
"The recent rate cut by the Bank of England will further support the ongoing trend of decreasing mortgage rates in the UK. Additionally, changes in how lenders calculate affordability are helping to unlock greater borrowing potential for clients. These factors, combined with the anticipated strong competition among lenders following the rate cut, are creating a favorable environment marked by falling mortgage rates." Henry Knight, Managing Director, Springtide Capital Mortgage Brokers
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