Barclays, Halifax, HSBC and NatWest now offer five-year fixed rate mortgages under 4%, with the lowest at 3.83% for buyers with a 40% deposit.
Tim Bannister of Rightmove noted that, while minimal, the rate cut provides relief to struggling homebuyers, suggesting a positive shift in home-mover sentiment due to easing rates.
The number of house hunters contacting agents is up 19% year-over-year following the BOE's recent decision, indicating a significant boost in market activity.
Rightmove predicts new seller asking prices will rise by 1% in 2024, revising earlier forecasts of a price drop, reflecting the improving market conditions.
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