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Mortgage rates continue to fall as interest rates stabilise.

01/02/2024

Welcome news for people who want to buy a house as mortgage rates continue to fall.

According to the Bank of England, the impact of high interest rates may be easing, giving a much-needed boost to the housing market.

The number of approved mortgages reached a level not seen in seven months in December and confidence in the market continues to grow.

The average interest rate for new mortgages fell for the first time since November 2021, down 0.06% to 5.28%.

The market is continuing to reassess their interest rate expectations with some of the big lenders looking to rapidly reprice their products with sub 4% 2-year fixed deals making a welcome return.

The housing market had been depressed following 14 consecutive interest rate rises from the Bank of England, and while we are unlikely to see a return to the previous record low rates of borrowing seen over the past decade, the financial pain of the recent rises seems set to ease for most borrowers.

It is not just those looking to re-mortgage that will benefit for the fall in interest rates and better mortgage options.  Improved affordability calculations will benefit first-time buyers and those looking to upsize too. This helps to stimulate demand and gets the market moving.

All of this means that pent-up demand and spikes in activity will put pressure on the supporting services of the housing market, including conveyancing.

If you are buying a new, or first, house you are going to need a conveyancer. If you do not want to wait an age for the sale to finalise you are going to need a good, proactive conveyancer. That’s where Levins can help.

Our conveyancing team are great communicators, you will always know where the process is up to, we won’t leave you in the dark feeling like you are stuck in limbo.

We are definitely proactive; we pride ourselves on working hard for our clients and working hard to get the job done.

We understand the stress involved in buying a home and aim to support you through the process. Our team will explain what conveyancing involves and are happy to answer your questions.

We are totally transparent about our fees. There are no hidden costs with Levins, our conveyancing fees are on our website for every one to see.

If you want to work with a team that puts their customers first, give Levins a call today on , or visit the website for more information.

It doesn’t matter where you live as most conveyancing can now be done online with no need for multiple trips to the office.

 

 

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