A bit of good news (at last)

Posted on 16th January 2024

Could it just be that 2024 might bring us all some positive news? It certainly looks that way if the latest forecasts and reports regarding the UK’s housing market are to be believed.

The year has started off with mortgage lenders competing to cut their rates and entice new buyers, as well as those re-mortgaging, with new products and lower rates.

All of the big players – including HSBC, Halifax, Santander and Barclays – have slashed their rates. HSBC are even offering a sub-4% deal for those with at least 40% equity in their homes. The more equity in the home, the better rates you’ll be offered.

It’s not just those shopping for a mortgage that have reason to be positive. Homeowners staying put will have been pleased to read this week that Estate Agent and consultancy firm Knight Frank have now forecast that house prices will rise by 3% this year. This is revised from a previous forecast in October 2023 that believed prices would actually fall by 4% in 2024.

Encouragingly for the North East, our region (along with London) saw the highest amount of interest on property portals in the first week of January.

With the Bank of England said to be cutting interest rates several times over the coming year, as inflation finally comes under control, it’s great to see some welcome news that will benefit the vast majority of ordinary people.

If you are looking for a mortgage, we cannot recommend highly enough booking an appointment with our Mortgage Adviser, Ian Middlemass. Working a little like a price comparison website, Ian will shop the whole of the market rather than just from a single bank or lender. If you go to your bank to see what they have to offer, naturally they can only sell you their products. Ian will show you a range of products from over 90 lenders and then give you expert advice and help every step of the way in choosing what works best for you.

If you’d like to book a free, no obligation mortgage appointment, please click on the link below: