What better news is there on such a bright and sunny summer day! Interest rates have been decreased by the Bank of England.
Is this the start of a more stable property market? Just last week, we saw the Nationwide Building Society release rates of less than 4% on some mortgage deals. This combined with a reduction in the Bank of England base rate, we think will help to solidify the 2024 property market and create excellent bedrock for potential further growth.
Don’t get me wrong, this is the start of a very long journey, but this is the very first sign in borrowing stability that we have been missing out on in the market since 2023… when interest rates seemed only to go up!
With the election having been pulled forward we no longer face the potential slowdown the autumn market was predicted to be, which obviously means we now have a clear run into winter with more positivity and one would hope, better mortgage borrowing capabilities for buyers on the whole.
Regional price trends are also on the up with www.rightmove.co.uk announcing that the average house price in the East of England is now at £424,262
These figures do include Cambridge which means that for us here in Norwich it’s a bit lower but I will take price increases all day long!!
If you would like to talk about how these changes effect you and if you can move, then give us a call on 01603 432000
