Lowest mortgage rates

Lowest mortgage rates for 15 months as inflation drops

Home buyers are benefitting from the lowest average mortgage rates for 15 months, which according to Zoopla is supporting double-digit growth in all key measures of sales market activity. Its latest housing market report reveals that nationally, home buyer demand is 26% higher than a year ago and there are a greater number of buyers in the market also as a result of more homes for sale as many sellers are also buyers looking for a new home. Inflation made a surprise drop to 1.7% last month which is the lowest rate for three and a half years and could pave the way for an interest rate cut decision at the Bank of England’s next monetary committee meeting. Lenders are already cutting rates which is enticing buyers to the market across all price ranges.

Rising sales volumes and modest house price inflation which remains below 1% are positive for the housing market says Zoopla. There are sufficient levels of market activity to keep drawing in new buyers who are prepared to make sensible offers on competitively priced homes. Sellers remain keen to get the best price for their home to unlock their next move, but buyers remain price-sensitive and have a greater choice of homes to buy. While sales prices have firmed, Zoopla found that almost 2 in 5 sales (37%) are agreed at more than 5% below the initial asking price. Nearly a third (32%) of homes for sale on Zoopla are ‘chain-free’ Outside of London, 1 and 2-bed flats are most likely to be chain-free.

Our award-winning team look forward to helping you make your move stress-free.

Arins Property Services - selling & letting homes in, Lower Earley, Shinfield, Tilehurst, Winnersh, Reading and Wokingham since 2009.

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