increases has provided scope for lenders to start reducing mortgage rates which has supported a modest uptick in demand for homes this September.”
Home hunters also remain unwilling to make compromises on the size of home they are looking for, meaning they are waiting for either a fall in house prices or mortgage rates, even if this is not guaranteed to happen quickly. Overall, the number of homes sold this year is set to be 20 per cent lower than in 2022, with 28 per cent fewer buyers around for those relying on a mortgage, Zoopla said.
Matt Thompson, head of sales at Chestertons, said: “Since the Bank of England’s announcement of interest rates remaining at 5.25 per cent for the time being, we have seen a positive response from buyers in September who felt more secure to make financial decisions and resume their property search. “Understandably, buyers who are now entering the market are particularly careful about their budget and factor in any future rate hikes as well as the cost of living. As demand for properties in the capital continues to outstrip supply, the market remains competitive.”