Property market potentially set for autumn pickup as bank base rate held

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Property market set for autumn pick-up as bank base rate held

A great start to autumn has been predicted as the bank base rate was held at 5.25% signalling an end to rising mortgage interest rates. There are signs of activity starting to pick up, with back-to-school sellers helping the number of new properties coming to market to jump by 12% in the first week of September when compared with the average weekly number throughout August says Rightmove in its latest House Price Index.

Rightmove reports that seven consecutive weeks of falling mortgage rates could help some first-time buyers. Average five-year fixed rates across all loan-tovalue ratios are now 5.67%, down from 6.11% at their peak back in July. With house prices and mortgage rates falling, and average earnings increasing, we are continuing to take small steps towards improved buyer affordability. Inflation is also heading in the right direction with its latest figure dropping to 6.7% adding to overall confidence in the market.

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