Your November 2023 Property Market Update

Mortgage rates have started to creep down, house prices are forecast to fall into 2024, and asking prices have slowed across the country. However, gloomy national headlines don’t always reflect the situation on your doorstep…

If you’re contemplating a move, it’s crucial to analyse your local housing market, as its trends could differ from the broader picture. At Quealy & Co, your local estate agent in Sittingbourne, we are happy to provide a free, no obligation valuation of your home to sell and to let. Book your free valuation.

Read on to find out all the latest UK property market news from over the last month from the team at Quealy & Co in Sittingbourne.

Mortgage Rates Fall Below 6%

In welcome news for buyers and homeowners whose mortgages are due for renewal, the average rate on a fixed-term mortgage has dropped below 6% for the first time since July. The rate is expected to stay at 5.25% on November 2nd.

The fall comes after the Bank of England froze the base interest rate in late September, which ended a run of 14 straight increases and has given lenders the confidence to lower their rates in turn.

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