As you know, we bring you regular updates on legal matters that might affect you. This time, you’ll find out about mortgage rates and spring moves…

Wales has a reputation for rain, but February was the fourth wettest on record since 1871 for England, where rainfall totalled 130mm. All catchments received above-average rainfall during February, with 3/4 receiving more than twice the expected rainfall. (Source: Gov.uk > Water situation)

Now that April is in sight, the weather seems to be picking up a bit (we hope!), along with optimism about the residential housing market.

You might remember that mortgage rates soared from an average of 4.74% to 5.17% after the mini-budget of September 2022 (Source: MoneyFacts).

During 2023, the base rate was increased a few times in an attempt to control inflation. By the July, average mortgage rates peaked at 6.86%.

Since then, inflation seems to have steadied (currently 3.4% when the target is 2%), and the Bank of England recently held the base rate at 5.25% for the 5th time since December.

According to RightMove on 20 March:

Rates are still fluctuating, but Capital Economics predict the first cut in interest rates will be in June 2024, falling to around 3% by the end of 2025.

When interest rates fall, mortgage rates usually fall too, and that generally means more properties go on the market and more people get ready to move.

Are you looking to buy or sell or remortgage? We can help with that. 

To make life even easier, you can track work-in-progress by using our Harrisons Solicitors app, available from the Apple App Store and Google Play. 

With our app, you’ll get:

For more information about what we can do for you, please see our Residential Property page.