Now's the Time to Jump on the Property Ladder: A Positive Outlook for 2024

20th February 2024
Home > News > Now's the Time to Jump on the Property Ladder: A Positive Outlook for 2024

Market whispers are turning into shouts of optimism, and with good reason! Compared to the cautious murmurings of last year, the property market is humming with a renewed sense of energy. Let's delve deeper into why this is fantastic news for both buyers and sellers:

Sunshine After the Rain: Mortgage Rates Stabilise

Remember the dark clouds of soaring mortgage rates? Thankfully, those have dissipated, replaced by a comforting sunshine of relative stability. Lower rates translate to more affordable repayments, giving prospective buyers that much-needed confidence to take the plunge.

As of the 14th February the current average mortgage rate for a five-year fixed-rate mortgage is 4.69%, up 0.05% from 4.64% last week. The current average rate for a two-year fixed-rate mortgage is 5.03%, an increase from 4.97% last week. The lowest available five-year fixed rate is 3.94%, and the lowest available two-year fixed rate is 4.2%.*

More Choices, More Opportunities

The property market isn't just about affordability; it's about choice. And the good news is, the number of properties for sale is increasing! This means more options for buyers to find their dream home, whether it's a cozy first-time buy or a spacious upgrade.

First-Timers Lead the Charge

Despite the affordability hurdles, the first-time buyer market is buzzing with activity. This momentum is creating a ripple effect, encouraging existing homeowners to consider moving up the ladder, further boosting market movement.

Wondering how much you can borrow with a mortgage?  Check out the Rightmove affordability assessment, full of useful information explaining how lenders will calculate the amount you can borrow and factors they may take into consideration.

Well-Priced Homes are Key

In any market, pricing is key. Homes that are realistically priced are attracting a good audience of buyers, creating a win-win situation for both sellers looking to achieve their goals and buyers seeking value.  Work with your estate agent to agree on the correct asking price from day one to avoid unnecessary price reductions.

The Time to Act is Now

With stable mortgage rates, a wider selection of properties, and a motivated market, the stars are aligning for both buyers and sellers. If you've been waiting for the right moment to make your move, now is the time to seize the opportunity! Call Monster Moves today on 01408 525001 or email sales@monster-moves.co.uk

*Rightmove.co.uk, 14th February 2024


Share this article

Related News

09/08/2023
Moving home with children

Moving home with children can be a stressful experience, but it doesn’t have to be, try to think of it as a great adventure. By following a few simple tips, you can make the transition to rural life in the Scottish Highlands as smooth as possible for everyone involved.   Start planning early. The earlier you start planning your move, the more ti...

Read More
27/02/2024
Build Your Dream Escape: Crafting Your Own Home in the Scottish Highlands

For some, the dream life involves bustling cityscapes and the convenience of modern living. But for others, the heart yearns for something wilder, a connection to nature's raw beauty. If that resonates with you, then building your own home in the Scottish Highlands could be the ultimate adventure. Escape the Ordinary, Embrace the Extraordinary: Imagine wak...

Read More
17/04/2023
10 Winter Tips for Your Home

Dark nights are here to stay for a while, the temperature has dropped and four seasons in one day has become a frequent fixture on the calendar yet again.  We are all familiar with winter checks for our vehicles, changing over to winter tyres, we’ve put the foldable snow shovel in the boot along with a blanket and something to eat and drink just...

Read More
21/08/2023
Finding the right estate agent

Your home is likely to be the most valuable asset you own so why would you use anyone other than the best agent to sell your property? Here are some top tips on how to find the right estate agent: Do your research.Get recommendations from friends, family, or colleagues.  If you know anyone who has recently bought or sold a property nearby, ask them fo...

Read More