There are only two months left in 2024—how time flies! We’ve compiled the latest mortgage news for existing and aspiring homeowners.
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MORTGAGE NEWS
New sales agreed 25% higher as buyers return to market: Zoopla
The lowest mortgage rates for 15 months have driven a double-digit increase in buyer demand and home sales, according to the latest reports from Zoopla.
The data shows that the number of sales agreed is 25% higher than a year ago and sales are up by over 10% across all areas and are up to 30% higher across the East Midlands and North-East. The number of homes for sale continues to grow as greater confidence amongst sellers sees more homes listed on the market.
Zoopla says this includes homeowners looking to move as mortgage rates fall but also investors and second home owners selling in anticipation of possible tax changes.
SOURCE: MORTGAGE STRATEGY
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Mortgage rates increase: Has the price-cutting era ended?
Mortgage borrowers waiting for lower rates to emerge are being urged to lock into a deal now as lenders have begun increasing prices again.
Already this week Coventry Building Society has announced it is raising rates from Friday and Co-operative Bank is pulling some of its lowest-priced deals on Thursday evening.
It is thought more lenders, especially specialist providers, are likely to follow. The price hikes have come just days after the Bank of England governor Andrew Bailey said it would take an ‘aggressive’ stance on interest rate cuts if inflation continued to fall.
Not all members of the Bank of England’s decision-making committee appeared to share this view. Meanwhile, the looming Budget, global unrest particularly in the Middle East and rising swap rates–which lenders use to set their pricing – have all combined to create uncertainty in the market. And this is filtering through to mortgage lenders.
David Hollingworth, associate director at broker L&C Mortgages said: “The mortgage market has seen rates falling in recent months but that may be coming to an abrupt halt.”
SOURCE: WHAT MORTGAGE
