Savills revises UK housing market forecast amid regional price pressures
London and the south of England hit worst
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London and the south of England hit worst
Fixed rate mortgages have continued to fall this week, offering some relief to people looking to either buy or remortgage at the moment.
Nationwide Building Society looks to be withdrawing the final sub-4% fixed rate mortgage on the market.
The Bank of England opted to hold interest rates at 3.75 per cent in March, with traders now betting on rate rises later this year.
Mortgage rates continue to rise on a daily basis, leaving home buyers and those remortgaging in a race to secure a deal below 4% before they disappear.
The typical two-year fixed rate mortgage has gone above 5 per cent for the first time since August as lenders continue to re-price higher in the wake of the Iran conflict.
Homeowners have been dealt a further blow today as three more major high street lenders announced mortgage rate increases.
Halifax, Barclays and Santander are all set to increase their mortgage interest rates on fears that war will cause inflation to spike.
While rates were previously expected to fall this year, worries about an inflation spike caused by the conflict in Iran have led the Bank to behave cautiously.
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Homeowners coming to the end of their five-year fixed-rate mortgages over the next six months face a steep jump in repayments, with inflation staying high.
Renters and mortgaged homeowners have been hammered by rising rents and higher mortgage rates respectively over the last few years.