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It was over in a flash…..just where did January go?
Right now in the property market nothing is standing still, let’s dive into some of the changes that have taken place recently.
The Bank of England has frozen interest rates again at 5.25% (information as of 1st February, 2024) this sets the base rate to charge other lenders when they borrow money.
Markets forecast that this will move down from May or June, as inflation creeps towards 2%. The next bank rate reconsideration will take place on 21st March, 2024, but all reports suggest it might move down at this point.
Mortgage rates have been steadily declining over the past month and during January there were lots of rate cuts and an overall decrease in rates for 2 and 5 year fixed mortgage rates.
Some of the more publicised cuts came from Santander and TSB (both up to 0.45%) with RBS and HSBC (up to 0.40%) and Natwest made cuts by up to 0.69%. A number of the smaller building societies have also made significant rate cuts, Darlington Building Society (by up to 0.80%) with smaller cuts from West Brom (0.22%) and Skipton (0.27%).
Santander launched a new product, a 2 year fixed deal at 4.36% (with a 75% loan to value) for house purchases, with no product fee and a free valuation thrown in for good measure.
If it is a BTL (Buy to let) mortgage you are after, then Paragon have just made changes to their BTL products. With the 5-year fixed starting now at 4.50%. Skipton have followed this by reducing their 5 year BTL to 4.49% with a 75% LTV and £2,995 arrangement fee.
It is expected that rates will continue to drop, so keep your eyes peeled.
Jeremy Hunt has announced a spring budget will take place on March 6th. The Government is considering introducing a new scheme to help first time buyers by ‘guaranteeing’ mortgages that would only require 1% deposits.
This will be up for discussion at the next budget, follow our posts and blogs to find out more about the latest changes in the property market, or drop us an email and we will add you to our mailing list.
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Scots looking to rent a 2 bedroom property can now expect to pay around 14.3% more than they would have done this time last year. According to official figures published – this means the rental market continues to thrive if you are going down the BTL route.
Scottish Financial News recently reported that property prices are expected to rise by 16.4% in Scotland between the period 2024-2028, offering some reassurance for investors currently facing falling property prices and high interest rates.
RightMove has provided some encouraging data that the average property price in Scotland has increased by 5.3% annually, reaching £178,595 this January, 2024.
If you are considering making a property investment this year, why not get in touch with our professional and friendly team at Murray Property Holdings. We have Case Studies and lots of information that we can share with you….just get in touch.
Email: info@murraypropertyholdings.co.uk
Call: 07979198280
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