The Bank of England has cut the bank base rate to 4.75% for the second time this year, marking its lowest level in over a year. The decision was driven by slower wage growth and easing inflation.
The impact on mortgage rates has been mixed. The average two-year fixed-rate mortgage dipped by 0.01%, while the five-year fixed rate increased by 0.02%, reaching 5.39% and 5.09%, respectively, as of early November.
Zoopla reports that cash buyers are set to account for 27% of property sales in 2024. This group includes homeowners who have paid off their mortgages and some mortgage-free investors. In contrast, landlords purchasing homes with buy-to-let mortgages are projected to account for just 7% of purchases, with their activity limited by higher borrowing costs.
