Property: The Northwest Property Market is experiencing house growth above national average, driven by affordability and demand from both homeowners and investors, particularly in cities like Chester and Liverpool. While sales activity is slower than in previous periods, the region’s strong performance is supported by easing mortgage rates, wage growth, and a shortage of available homes. However, a greater number of price reductions suggest that sellers are becoming more realistic in their pricing.
Modest Growth: Most experts forecast modest house price Growth of 1-4% for 2025 as whole a high level of homes for sale is keeping prices from rising too quickly.
Volatile environment: Mortgage rates are expected to continue their recent trend of fluctuations in November. Following better than expected inflation data in October, some lenders immediately announced fixed-rate cuts. However, this followed a period where rates had been increasing due to persistent inflation.
Possible Bank of England rate cut: The bank of England monetary policy committee (MPC) will meet in November. The chances of base rate cut from currently 4% despite recent drops. Many experts believe mortgage rates will likely stay in the 4-5% range for the foreseeable future, as inflation remains to elevated above the Banks 2% target.
First time buyers’ urgency: The deadline for stamp duty changes on March 31, is causing a surge in demand from first time buyers who are rushing to complete purchase before higher costs take effect,
Remortgage Advice: Lock in now, for anyone approaching the end of a fixed rate term, securing a new mortgage deal in November is recommended. While rates could fall further, securing a deal now with a “Rate Check” service allows for a review if better deals emerge before completion, we highly recommend a Mortgage Broker for this service this will save you money and time.