“All eyes are now on when we might see that first base rate cut since the onset of the pandemic, which should drive more consumers back to the market,” Hall said. “The economy still faces a number of challenges, with inflation falling at a slower rate than many expected, and this could delay a rate reduction by the Bank of England. However, it’s refreshing that the debate about the Bank of England’s position has clearly shifted to when, and not if, rate cuts will happen.”
Jonathan Samuels (pictured right), chief executive of Octane Capital, pointed out that stability is the key when it comes to mortgage market health.
“While we’re yet to see interest rates fall, a freeze since September of last year has certainly steadied the ship and provided the nation’s homebuyers with the confidence required to re-enter the market,” Samuels said. “As a result, we’ve now seen the level of mortgages being approved climb consistently for the last six months and this is a significant sign that the market is slowly, but surely, returning to full health.”
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