Good News For Buyers / Sellers - Mortgage rate drops from 6.5%+ to 4.99%, and Stamp Duty cuts to stay.

Good News For Buyers and Sellers…

Mortgage rate drops from 6.5%+ to 4.99%, and Stamp Duty cuts to stay.

The UK has had a turbulent few months, with Prime Minister changes, budget modifications, and an uncertain financial market. 

We’re here to compress it, so you’re up-to-date without reading many articles!

Mortgage rates have begun to fall following the recent rise following ex-Chancellor Kwarteng’s mini-budget statement at the end of September, which led to the UK economic plummet. 

Fixed mortgage rates peaked at 6.65% for a two-year fix, but mortgage options may currently be available with rates as low as 4.99%. It continues to show symptoms of further decline, with many analysts forecasting that it will go below 4% in the new year. Platform, Yorkshire Building Society, HSBC, Halifax, Lloyds, and NatWest have all cut their fixed rates in the previous week.

Mortgage rates have dropped, which is excellent news for potential and present UK property buyers and investors. It demonstrates that the market is recovering from the recent crisis, as many financial experts expected.

The government issued its winter statement on November 17th, outlining the expected effect of tax, welfare, and public service expenditure choices over the coming years.

One of the most notable property-related statements was that the stamp duty decreases announced in the September mini-budget will be maintained until at least March 2025 after then, the stamp duty payment threshold will be reduced back to where it was previously.

This is fantastic news for any potential buyer, investor or landlord who has been debating whether to buy since it means they will pay less or no Stamp Duty Land Tax when purchasing a property for the next two and a half years.

If you are in the market for a home, this is a terrific chance to get the most out of your budget.

If you are selling or want to buy a property, call us today using 01670 613203 for an informal chat about how we can help you; no sales or pressure, we’re a likeable bunch!

Or to speak to us directly on WhatsApp by using 07444 723020

Or click https://www.ouragents.co.uk/valuation/ to arrange a valuation.