Halifax, TSB and Nationwide are the latest lenders to announce rate cuts as Swap Rates fell slightly but, more importantly, have remained stable over the last month, giving rise to the theory that the turbulence that started in 2022 is behind us and their action is a sign we are starting to see a move to recovery in what can only be described as a “resilient market”. Despite the cost-of-living crisis, residential transaction figures continue to increase. HMRC data released today confirms that property transactions rose by 1% in July.
Suppose Swap Rates continue to fall and markets remain stable. In that case, it will be interesting to see what the Bank of England’s Monetary Policy Committee (MPC) will do with the Base Rate (currently 5.25%) when they next meet on 21st September 2023 following the release of August’s inflation figures from the Office for National Statistics (ONS).
The Chancellor met with the UK’s principal mortgage lenders and Financial Conduct Authority (FCA) to agree support for people struggling with mortgage repayments. The lenders attending the meeting covered over 75% of the mortgage market and approved the Mortgage Charter
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