The Office of National Statistics (ONS) announced on 16th August 2023 that inflation rate has dropped to 6.8%, down from 7.9% from last month. In anticipation of this, earlier this week many of the big name lenders, Santander, Barclays and NatWest have lead the way in dropping their mortgage rates! It’s finally looking positive for homebuyers, with mortgages coming down by up to 0.65 percentage points, and the best deals being offered to new customers and those with a 15% deposit.
Zoopla predicted “Mortgage rates are set to peak this summer and look likely to return to 4-5% this autumn”
With this in mind it seems likely that we have already had the peak in mortgage rates and we’re looking at a downward curve to more affordable levels. In a recent survey by Zoopla, of the 42% of adults under 40 who have given up on the idea of owning property, 49% stated their reason being higher mortgage rates. We’re hopeful that the fall of mortgage rates will give first-time buyers more confidence to invest in buying their own home, rather than relying on the rental market.
If you’re looking to move, have a look to see what we have on offer. Our current developments in Hertfordshire, Kent, Suffolk and Norfolk could be just what you’re looking for!
Check out our developments here
Need more information? Call us now on 01707 655550