UK Mortgage Rates Expected
to Remain High Until 2029

UK House Prices Reach New High: Key Insights for Buyers and Investors

Ongoing House Price Growth

UK property values continued to rise in October 2024, marking a fourth consecutive month of increases. This upward trend reflects the ongoing stability of the housing market, even in the face of broader economic challenges.

Annual Growth Remains Steady

While the annual growth rate in property prices has moderated slightly, it remains positive. This consistency highlights the underlying resilience of the UK housing market during a period of elevated borrowing costs and financial uncertainty.

Interest Rate Reductions on the Horizon

The Bank of England is anticipated to make further adjustments to its base rate in the near future. Any reductions may improve mortgage affordability and potentially create a more favourable lending environment for both buyers and investors.

Resilience in the Property Market

Recent trends suggest that, over the past two years, UK house prices have remained broadly stable. Despite interest rate changes and economic fluctuations, the market has continued to demonstrate long-term resilience, offering reassurance to homeowners and those entering the property market.

Regional Trends in House Prices

Growth in house prices has varied across the UK:

• Northern Ireland has experienced some of the strongest annual growth, supported by ongoing demand and comparatively lower average values.

• Wales and the North West of England have also recorded consistent gains, indicating areas of potential value and long-term opportunity.

• Scotland has shown more modest growth, while still maintaining overall stability.

• London, as the UK’s highest-value market, continues to grow at a steadier pace.

These regional differences underline the importance of local market knowledge when considering a property purchase or investment.

What This Means for Homebuyers and Investors

For prospective buyers, the prospect of lower interest rates may enhance affordability and improve access to competitive mortgage options. Meanwhile, investors may identify opportunities in regions that are showing higher annual growth, especially outside London.

Navigate the Market with Mortgage One

In a property market that continues to evolve, informed decision-making is key. Whether you're a first-time buyer, reviewing your mortgage, or exploring investment opportunities, Mortgage One offers expert guidance and access to a wide range of mortgage solutions.

Contact Mortgage One today for personalised advice to help you navigate the UK property market with confidence.