It has been a difficult year. The Bank of England continued its cycle of raising interest rates to combat inflation throughout the first eight months of 2023, raising the base rate by 1.75 percentage points to a 15-year high of 5.25 percent in August.
Due to the increased cost of borrowing, many prospective homeowners have probably had to reevaluate their plans, and those without fixed-rate mortgages have seen a large increase in their monthly payments.
Brokers have been extremely helpful in assisting individuals with remortgaging or determining how much they can borrow for a potential purchase.
House prices have somewhat decreased this year as borrowing has become more expensive, as the new environment of higher interest rates has dampened demand and reduced purchasing power.
Despite these difficulties, the market has been showing signs of cautious optimism over the last few months, and this sentiment should continue to grow as the new year approaches.
Thus, it is a good time for brokers and mortgage advisers to think about what the real estate market might hold in store for them in 2024 as they focus on the upcoming year.