Rightmove comment & mortgage rates ahead of Spring Budget tomorrow

Love or Hate Rightmove

Matt Smith, Rightmove’s mortgage expert said: “The relative stability of the mortgage market at the start of this year appears to have helped give more movers confidence. However, ahead of the Spring Budget tomorrow, demand has been slowest to pick up in the typical first-time buyer homes sector. After demonstrating resilience and determination last year, the early signs are that first-time buyers are most in need of some additional support, as mortgage rates have fluctuated over the last few weeks, and prices remain near record levels.

“Whilst we felt the 99% mortgage scheme idea would have only been able to help a very limited number of future first-time buyers, it could have played a role as part of a broader set of considered measures. Even if there is limited news in the Budget tomorrow, we hope that government listen to the growing number of voices calling for a broader review of current regulation, in the context of broader innovation in the market that are all intended to help support First-Time Buyers get on to the ladder.”

Headlines

  • The average 5-year fixed mortgage rate is now 4.82%, up from 4.58% a year ago
  • The average 2-year fixed mortgage rate is now 5.19%, up from 4.95% a year ago
  • The average 85% LTV 5-year fixed mortgage rate is now 4.75%, up from 4.62% a year ago
  • The average 60% LTV 5-year fixed mortgage rate is now 4.33%, up from 4.22% a year ago
  • The average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% LTV mortgage, is now £1,089 per month, up from £1,068 per month a year ago

Latest rates data

 

LTV

(loan to value)

 

Term

 

Average rate 5th March 2024 Lowest rate 5th March 2024 Average rate

a year ago

 

95%

 

2 year fixed 5.80% 5.20% 5.58%
 

95%

 

5 year fixed 5.40% 4.99% 5.11%
 

90%

 

2 year fixed 5.38% 4.99% 5.30%
 

90%

 

5 year fixed 4.94% 4.58% 4.83%

 

LTV (loan to value)

 

Term

Average rate 5th March 2024 Lowest rate 5th March 2024 Average rate

a year ago

 

85%

 

2 year fixed 5.18% 4.79% 4.99%
 

85%

 

 

5 year fixed

 

4.75% 4.32% 4.62%
 

75%

 

 

2 year fixed

5.04% 4.59% 4.74%
 

75%

 

 

5 year fixed

 

4.72% 4.29% 4.34%
 

60%

 

 

2 year fixed

 

4.65% 4.46% 4.60%
 

60%

 

 

5 year fixed

4.33% 4.13% 4.22%

Rightmove can provide average monthly mortgage payments based on the latest available asking price and mortgage rate data. For example, the average monthly mortgage payment on a first-time buyer type property which is currently £224,815, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,089 per month if repaying over 25 years, compared with £1,068 per month a year ago.

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

You May Also Enjoy

Breaking News

Popping the Asking Price Bubble

Where in the Uk Can Buyers Snap Up Property Bargains and Where Properties Go for a Premium Above Asking Price   New research from fast selling property company, Upstix has uncovered the UK’s most surprising postcodes for snapping up a property at bargain prices this year, highlighting a widening gap between sellers’ expectations and the…
Read More
Rightmove logo
Breaking News

Highest demand to lease office space since pre-pandemic

The latest insights from the UK’s number one commercial property website Rightmove, reveals that the number of unique enquiries to lease office space is at its highest point since pre-pandemic, as businesses look for spaces that meet modern requirements. Demand to lease office space is 19% higher than the same period a year ago and…
Read More
Planning disputes on new build land
Estate Agent Talk

Planning consultations for major infrastructure to be streamlined

Robert Bruce, a planning and infrastructure partner at law firm Freeths LLP, said he: “Welcomed the change as a significant step to speeding up the DCO process and the focus on the quality and effectiveness of the consultation, rather than box ticking and a risk averse approach to pre-application consultation due to the current legal…
Read More
Breaking News

‘The property ladder pulls further away’ warns Open Property Group

For many first-time buyers across England, the dream of homeownership continues to slip further out of reach. Despite rising wages, soaring house prices are making it harder than ever to get on the property ladder. A leading UK professional house buying company ‘Open Property Group’ based in Buckinghamshire UK, has raised concerns over the ongoing…
Read More
Estate Agent Talk

How Long It Takes to Buy a House in the UK: 5 Common Delays That Can Slow Down Your Home Purchase

Wondering how long it takes to buy a house in the UK? The average timeline ranges from 8 to 22 weeks, but even that can stretch significantly due to unexpected delays, especially if you’re a first-time buyer or caught in a chain. That’s why working with experienced professionals like Belvoir — one of the UK’s…
Read More
Love or Hate Rightmove
Breaking News

Rightmove to host Renters’ Rights Bill webinar with Guild of Lettings

Rightmove is hosting a live and interactive webinar session with the Guild of Lettings to help agents get Renters’ Rights Ready. The webinar will take place from 10:00am – 11:00am on Wednesday 23rd April. Susie Crolla, Managing Director for the Guild of Lettings, will be joining Rightmove to help agents with questions they may have about…
Read More