The arrival of a New Year always brings the promise of a fresh start and homebuyers certainly have renewed cause for optimism in 2024 as mortgage rates continue to lower and experts predict a healthy long-term future for the housing market.
Positive signs emerged at the end of 2023 as competition intensified between lenders amid falling inflation and growing speculation over future Bank of England base rate cuts. Homebuyers gained confidence from a market report released by property expert, Savills, which forecasted house prices to be around £45,000 higher (almost 18% up) on average by 2028.
The improving outlook continued into the New Year as HSBC announced further cuts on its rates, including a ten-year fixed-rate deal down from 4.99% to 3.99%. A few days later, The Times reported rates dropping to their lowest levels since the mini-budget of September 2022. For the first time in 15 months, a two-year fixed rate became available at a rate below 4% when the Co-op Bank released a product at 3.85% for existing customers.
Natalie Moore, Senior Sales & Marketing Manager at Orion Homes, said:
“The Bank of England is expected to start lowering interest rates toward the middle of 2024 and banks have certainly shaken off their caution. They are now offering much more competitive mortgage products. Inflation is continuing to drop and we have experienced a sharp increase in homebuying activity since the turn of the year, reflecting increasing confidence and the wider purchasing opportunities available with lower lending rates.”
Orion Homes work with expert advisors that specialise in new-build mortgages to provide our customers with extremely competitive rates at our current developments in Barnsley, Cawood and Featherstone.
To find out more, please contact our head office on 01924 831030 or sales@orionhomes.co.uk. Alternatively, please send an enquiry via our Contact Page
