Banks Predict Further Growth As Rate Cuts Begin

House prices increased by 0.8% in July, taking the annual rate of inflation this year to 2.3%, according to latest Halifax figures. This increase is a notable change from the three previous months, where rates plateaued.

With the average house price increasing by 0.8% in July, this has taken the annual rate of inflation in 2024 up to 2.3%, reported by Halifax’s latest figures. Seeing an increase like this compared to the previous three months of little change has given confidence in the market.

With recent cuts in mortgage rates, some major lenders are now offering 5-year fixed-rate offers with an interest rate below 4%, which is the first time rates have dropped this low in the previous 18 months. Further drops are anticipated in the coming months, but buyers that have been holding off on their purchases are now returning to the market to make the most of this drop and act first.

House prices are still growing, which means finding the balance between the best price and the strongest mortgage rate can be challenging for most buyers. Smart investors, however, recognise that now is the time to act ahead of the curve, to be able to benefit from capital appreciation on their purchase while still benefitting from a lower interest rate.

If you’ve been waiting to invest due to the market climate, now is your time to act. Speak to our property investors today to find out more about our investment opportunities and how we can help you make the best investment.