February 2024: Lenders Smash Mortgage Rates
Thu 01 Feb 2024
Lenders Smash Mortgage Rate
DID YOU KNOW?
1) GDP fell by 0.3% in October, after a 0.2% rise in September, with contractions across all main sectors of the economy (ONS).
2) The final few weeks of 2023 have recorded an above average number of new sales agreed, 17% above the same time last year (Zoopla).
3) Inflation fell sharply to 3.9% in the year to November, down from 4.6% in October (ONS).
4) Rightmove predicts that new seller asking prices will drop nationally by an average of 1% in 2024.
HARROW OVERVIEW
1) Over the last 12 months the average sales price in Harrow was £478,449. The total value of sales was £1,023,625,917.
2) In the past quarter, property sales reached an impressive total value of £222 million in Harrow.
3) 40% of sales in the past 12 months were flats, achieving an average sales price of £325,212. Houses achieved an average price of £615,619.
4) Houses in Harrow achieved an average rent of £2,071 per month and flats achieved an average rental value of £1560 per month.
5) Harrow boasts a thriving resident population of 415,750. 43% are households with families.
- Many big mortgage lenders are in fierce competition and slashing rates. The average five-year fix is now 5.55%, down from its peak of 6.37% in August, while the two-year stands at 5.93%, down from 6.86% in July.
- Santander and HSBC are the latest to join the sub 4% club for a five-year fix, whilst Barclays have unveiled two-year deals within touching distance of the 4% threshold.
- Product choice rose for the sixth month in a row, reaching 5,899 options, a 15-year high. The average shelf life of a product has lengthened to 21 days, the highest level since June, indicating increasing stability in the market.
- Forecasters at three leading institutions suggest the inflation rate will halve to 2% by April, potentially meaning the Bank of England could bring forward the date of its first interest rate cut.
DID YOU KNOW?
1) GDP fell by 0.3% in October, after a 0.2% rise in September, with contractions across all main sectors of the economy (ONS).
2) The final few weeks of 2023 have recorded an above average number of new sales agreed, 17% above the same time last year (Zoopla).
3) Inflation fell sharply to 3.9% in the year to November, down from 4.6% in October (ONS).
4) Rightmove predicts that new seller asking prices will drop nationally by an average of 1% in 2024.
HARROW OVERVIEW
1) Over the last 12 months the average sales price in Harrow was £478,449. The total value of sales was £1,023,625,917.
2) In the past quarter, property sales reached an impressive total value of £222 million in Harrow.
3) 40% of sales in the past 12 months were flats, achieving an average sales price of £325,212. Houses achieved an average price of £615,619.
4) Houses in Harrow achieved an average rent of £2,071 per month and flats achieved an average rental value of £1560 per month.
5) Harrow boasts a thriving resident population of 415,750. 43% are households with families.