The residential property market is giving cause for optimism, according to law firm Blandy & Blandy.
Manisha Bhula, partner and head of the firm’s residential property team, says positive indications in the market suggest 2024 could be better than many anticipated.
She said: “According to newly published data from the Bank of England, mortgage approvals hit their highest level in six months in December, highlighting that market confidence and activity are rising.
“This was quickly followed by news that several major lenders have reduced their interest rates on fixed mortgages, with some now offering certain customers rates below four per cent once again. This will likely give the market and some clients looking to move or remortgage this year a significant boost.”
Halifax has already reported average house prices rose 1.1 per cent in December, the third monthly rise in a row, and that house prices had increased by 1.7 per cent annually.
There is optimism that both interest rates and inflation will reduce in 2024.
Manisha said: “We are delighted that our residential property team has remained extremely busy throughout a more turbulent period in the housing market and are very grateful for the excellent feedback our clients very kindly continue to share.
“We are also pleased to be welcoming several new faces to our growing team, having opened our new office in Wokingham last autumn alongside our existing offices in Reading and Henley-on-Thames.”
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