It is great news for prospective house buyers. Those in the housing market are being boosted by reports of a drop in mortgage rates.This drop in mortgage rates is seeing new home buyers flood back to the market in a boost for the industry.
There has been a big rise in the number of buyers inquiring about properties, according to market giants Rightmove, following a reported mortgage rate drop, which is seeing buyer’s confidence boosted as they seek to purchase properties.
Rightmove have said that demand from buyers has rocketed a massive 55 per cent, when compared to the two weeks in the lead up to Christmas.
Bosses at the online property giants have said that following the festive period, agents up and down the country are having to revise yearly expectations heading into spring, which is regularly a busy period for the property market.
In fact, January 5 was the third-busiest day ever for people asking estate agents to value their home. This rise could possibly continue into later in the year, it has been said.
This big jump in demand is fantastic news, with sellers who are already in the market and are reasonably priced likely to benefit from the rise in demand, according to reports.
The average two-year fixed rate contract has reportedly fallen to 5.63 per cent, from a peak of 6.65 per cent back in October.
The data has even been labelled as a “positive sign”, by Rightmove.
On average, asking prices rose by nearly 1 per cent this month, after dropping over the last two months.
Asking prices do typically see a boost in the first month of the year, however this was the largest rise since January 2020.
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