The Mortgage Clinic, a leading mortgage advisory firm based in Belfast, has released an exclusive interview with its founder, Helmut Elstner, offering expert insights into the outlook for the UK housing market and mortgage rates in 2024 and beyond.
Key Highlights from the Interview Include:
- The recent reduction in the Bank of England’s base rate to 5% suggests a potential turning point in the mortgage market, with expectations of gradual declines in mortgage rates.
- Average 5-year fixed rates are projected to fall to around 3.82% by the end of 2024, compared to 4.86% in late 2023.
- House prices are anticipated to see modest growth, increasing by between 1.5% and 2% over the course of 2024.
- The influence of a potential Labour government on interest rates is expected to be minimal, although demand could see a slight boost in the near term.
Helmut Elstner, founder of The Mortgage Clinic, remarked: “We’re seeing positive trends in mortgage rates as we move through 2024. This is welcome news for homebuyers and those looking to refinance. However, it’s crucial for potential borrowers to stay informed and seek professional advice to navigate these changes effectively.”
The interview also delves into the advantages and disadvantages of fixed-rate versus tracker mortgages, strategies for capitalising on mortgage opportunities, and predictions for mortgage rates as we move into 2025.
“At The Mortgage Clinic, we’re committed to helping our clients make informed decisions about their financial future,” Elstner added. “In this dynamic environment, understanding market trends and having expert guidance can make all the difference in securing the best possible mortgage deal.”
To read the full interview and access detailed market insights, visit https://themortgageclinicuk.co.uk/house-prices-and-mortgage-rates-in-2024-an-exclusive-with-helmut/