According to Matt Smith, mortgage expert at Rightmove, as many individuals grapple with the pain of rising rates, clear indications suggest that Base Rate increases are genuinely steering inflation in the right direction. The most recent decision to maintain the Base Rate reflects the Bank’s cautious approach, ensuring it doesn’t prematurely increase or decrease rates and aims to sustain the current stability.
Once again, the property market has demonstrated increased resilience, as the unexpected rise in inflation a few weeks ago did not disrupt the downward trajectory of mortgage rates. Further increases in the Base Rate are unlikely, and there is room for mortgage rates to decrease before reaching a plateau.
The housing market has witnessed a promising start to the year, with more individuals listing their homes for sale, exploring purchases, or simply weighing up the pros and cons of buying a rental property.
Find Out More: If you are from outside the UK, you may want to check out our guide on buying a house in the UK as a foreigner to help you enter the UK buy-to-let market.