Rightmove reaction to Bank of England Base Rate hold

February 1, 2024
Love or Hate Rightmove

Matt Smith, Rightmove’s mortgage expert said: “As painful as rate rises have been for many people, there are increasing signs that Base Rate rises are having a real impact on the economy, and inflation is heading in the right direction. Another hold in the Base Rate today also shows that the Bank will also be cautious not to overshoot Base Rate rises, and will be keen to maintain the current stability.

“The market appears more robust than last year, evidenced by the fact that the surprise uptick in inflation a couple of weeks ago didn’t derail the downward trend of mortgage rates. The big picture remains the same – the Base Rate is unlikely to rise further, and mortgage rates have some room to come down further before settling.

“It’s been a promising start to the year for housing market activity, with more people than this time last year listing their home for sale, looking to buy, or getting a Mortgage in Principle to see what they can afford. For anyone thinking of moving but still holding back from taking action, the slight uptick in average rates in some lower Loan-To-Value brackets this week is a reminder that average rates won’t fall forever and mortgage rates appear to be settling after significant drops at the start of January.”

Latest rates data

 

  • The average 5-year fixed mortgage rate is now 4.65%, down from 4.81% a year ago
  • The average 2-year fixed mortgage rate is now 4.99%, down from 5.13% a year ago

 

LTV

(loan to value)

  

Term

 

 Average rate 1st February 2024 Minimum rate 1st February 2024 Average rate

a year ago
 

95%

 

 2 year fixed 5.64 5.20 5.72
 

95%

 

 5 year fixed 5.23 4.80 5.33
 

90%

 

 2 year fixed 5.24 4.86 5.54
 

90%

 

 5 year fixed 4.79 4.43 5.07

 

LTV (loan to value)

  

Term

 Average rate 1st February 2024 Minimum rate 1st February 2024 Average rate

a year ago
 

85%

 

 2 year fixed 4.96 4.53 5.14
 

85%

 

  

5 year fixed

 

 4.58 4.13 4.82
 

75%

 

  

2 year fixed

 4.77 4.25 4.91
 

75%

 

  

5 year fixed

 

 4.53 4.03 4.57
 

60%

 

  

2 year fixed

 

 4.40 4.17 4.76
 

60%

 

  

5 year fixed

 4.10 3.88 4.44

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 £222,473, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,060 per month if repaying over 25 years, compared with £1,086 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

Estate Agent Talk

Selling an Inherited Property in Scotland: A Clear Guide

Selling an inherited property in Scotland can begin only once confirmation, the Scottish equivalent of probate, has been granted by the court. Until that legal authority is in place, the executor cannot complete a sale, so grasping the sequence early saves later frustration. Families who would rather not manage a long marketing process sometimes approach…
Read More →
Breaking News

Breaking Property News 3/9/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   The imminent interest rate hike is going to be a real reckoner for property   When interest rates rise again, Britain’s housing market will discover what it is really worth   Thought Leadership by Andrew Stanton CEO Proptech-PR For more than a decade, Britain’s housing…
Read More →
Breaking News

Tenancy deposit reform overlooks estimated £750m

As the Government considers reforms to England’s tenancy deposit system, The Letting Partnership is warning that one major question remains almost entirely absent from the debate: what happens to tenancy deposits that are never reclaimed? While current discussions have focused on how deposits should be protected in future, namely custodial vs insured schemes, far less attention…
Read More →
Breaking News

Application to offer in 24 hours with new Barclays Fast-Track Remortgage

Barclays launches first-of-its-kind Fast-Track Remortgage, which can provide eligible customers1 a mortgage offer within 24 hours, and completion in as little as five days Research finds those who have switched lenders are twice as likely to find the process difficult compared to those who stayed with their lender (20 per cent vs 10 per cent)…
Read More →
Estate Agent Talk

Mortgage overpayments in a confident market

Financial experts are encouraging homeowners and first-time buyers to take a fresh look at mortgage overpayments as confidence builds in the UK property market and interest rates begin to ease. With major lenders cutting rates, improved loan-to-value options for buyers, and growing optimism in the 2026 market, mortgage overpayments are emerging as a powerful and…
Read More →
Breaking News

House price growth remained subdued in August

UK annual house price growth remained broadly stable in August at 1.6% House prices were up 0.2% month on month Headlines Aug-26 Jul-26‡ Monthly Index* 550.1 549.1 Monthly Change* 0.2% -0.1% Annual Change 1.6% 1.4% Average Price (not seasonally adjusted) £275,465 £276,581 * Seasonally adjusted figure (note that monthly % changes are revised when seasonal…
Read More →