Official figures indicate a modest £4,000 decline in average UK house prices in 2023, with a 1.4% decrease over the year. This marks an improvement from November’s 2.3% annual fall, suggesting the housing market’s slowdown due to higher mortgage costs may have ended, potentially signalling a stabilisation in prices. Figures from office of National Statistics.
The Bank of England Base Rate has remained at 5.25%, this was followed by the announcement that UK Inflation rates remained at 4% for a second month running. UK Average Income has increased according to Office of National Statistics (ONS).
The UK mortgage market experienced volatility in the early weeks of 2024. In February 2024 so far Nationwide raised Mortgage interest rates while Santander announces price cuts.
It’s crucial to stay in touch with your mortgage advisor during market fluctuations to navigate changing rates, policies, and find the best options.
A change in interest rates can significantly impact your affordability and monthly payments. It’s important to understand these effects of changing mortgage markets and rates, hence please consult with experts like mortgage advisors to make informed decisions.
