To finish off the year, I wanted to give you an insight into the current mortgage and property world, and how things are looking for the next 12 months ahead.
However, people are still feeling the pinch in several areas - particularly those coming off historic low interest rates, who are having to pay a higher monthly payment on a new higher rate.Get all the news from your area – as well as features, entertainment, sport and the latest on Lanarkshire’s recovery from the coronavirus pandemic – straight to your fingertips, 24/7.
Suburban areas like South/North Lanarkshire and East Renfrewshire are gaining popularity, as they offer more space and good transport links.Mortgage costs should start to drop in 2025, as interest rates go down compared to the last couple of years, making it slightly easier and cheaper to borrow money.
Remember that the actual interest rate on a mortgage is only one factor of how much you will pay each month. The level of borrowing and the mortgage term also has a direct impact on your monthly payments, so a tailored solution can sometimes mean the fluctuation or increase in rates isn’t as hard hitting as you may think.Not enough homes: There’s still a shortage of homes available for buying and renting, which keeps prices high and makes the market competitive.