People stuck renting when they want to buy a first home may be offered some hope in the latest forecasts.
Falls in mortgage rates, and rising wages, improved affordability for those buying a home late this year, and UK Finance expected this to continue into 2025.
It has forecast a 10% rise in mortgage lending for house purchases next year, although some analysts have already questioned this prediction as optimistic for lenders.
The latest data shows the average rate on a two-year fixed rate mortgage is 5.47%, according to financial information service Moneyfacts. A typical rate on a five-year deal is 5.25%.
The Nationwide, the UK’s biggest building society, said stamp duty changes for many buyers in England and Northern Ireland could create a volatile housing market in the first half of 2025.
Further ahead, UK Finance said it expected many people to again find it tough to afford to move or buy a new home in 2026.
Source:
www.bbc.com
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