The good news would have been that the interest rate has come down in light of the figures showing an unexpected slowdown in UK price rises.
We are hoping this means that the interest rates have reached their peak, and we will start seeing interest rates coming down. This will still not help those who are due to lock themselves into another 2-year or 5-year fixed-rate mortgage between now and the end of the year.
While the interest rates have not gone up, according to Nathan Emerson, CEO of the property market, the drop in house prices has evened out the affordability playing field and will help keep the wheels of the housing market turning. Let's hope so; as property lawyers, we are keen to support our customers with the conveyancing to get them moved the keys to their new homes.
Property Industry Eye (2023, September 21). Property industry reacts to Bank of England’s decision to freeze interest rates.