The property market is showing promising signs, with agreed house sales up by 15% compared to last year, according to Rightmove.
Despite the general election and Euro 2024, buyers are maintaining high transaction levels, anticipating potential interest rate cuts in August.
Rightmove reports a slight decrease in the average property price, down 0.4% to £373,493. Notably, sales have risen significantly above last year's figures, overcoming the previous struggle with high mortgage rates.
Some lenders already reduced mortgage rates, sparking optimism. A rate war appears to be unfolding, suggesting the potential for five-year fixed rates to drop below 4% by year-end. The current average five-year fixed rate stands at 4.97%, a notable decrease from last year's peak of 6.11%.
Interest rate cuts could indeed be the catalyst needed to revitalise the market. That is why we've joined the trend and reduced our rates as well.