Ideal Home - 4 reasons to be positive about the property market in 2023
Ideal Home magazine journalist Samantha Partington writes... It’s been a tough year all round, not least for homeowners and would-be buyers. In the space of 12 months, the base rate has gone from 0.25% in January to 3.5% by the end of 2022 and inflation peaked at more than 11% before falling back slightly.
Aaron Strutt of mortgage broker Trinity Financial told idealhome.co.uk: 'No-one expects rates to go back to the levels we have been used to but there are now some best buy mortgage rates at around 4.5% for those with a deposit of between 25% and 40%.
'What happens next is a tricky one to forecast because further base rate rises are on the cards. But mortgage lenders have probably already factored these future rises into their current mortgage deals. There is a likelihood rates may fall a little further next year.'
Strutt says first-time buyers determined to get on the property ladder next year shouldn’t just look to high street banks and building societies. New lenders such as Generation Home offer mortgages that allow family members to help out. Meanwhile, little-known lender Mpowered Mortgages is offering competitive rates.
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