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With more lenders cutting rates, mortgage broker Ranald Mitchell, of Charwin Private Clients, said the “unprecedented rate war is well underway” noting that “seismic moves” were to be expected in the coming months
Prices usually decrease at this time of year but fall is greater than 20-year average owing to high mortgage rates, says Rightmove
Home loan lending will fall and arrears will rise next year, as higher interest rates and household costs continue to limit access to mortgage credit, according to UK Finance. Gross mortgage loans are predicted to fall 5% to £215bn in 2024, says the banking trade body’s mortgage market forecast, adding that next will
Next year will see overall mortgage lending drop 15%, says UK Finance in its forecast for 2023 and 2024. This means a fall in gross mortgage lending from £322bn to £275bn in 2023 and to £253bn in 2024. Within this total, the value of residential lending is expected to drop from £171bn to £131bn next year, then to
Figures from UK Finance predict that loans for home purchases will fall to £131billion from £171billion this year.