Average monthly mortgage repayment is now £1,104 per month 💰
#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
🗝️ Key findings from Rightmove this month, for the full article click here:
🔸There has been lots of news about Base Rate rises and how they can impact mortgage rates. The Bank of England (BoE) meet about every six weeks to decide whether the Base Rate should go up or down, or stay the same
🔸The Base Rate was cut to 4.75% on 7 November, after being held at 5% since August. However, inflation climbed above the Bank of England’s target of 2% in October, rising to 2.3%
🔸It is widely expected that the Base Rate will be held at 4.75% in December, with more cuts forecast in 2025. By Autumn 2025, it could fall to about 4%, although this depends on what’s happening in the wider economy.
🔸The current average asking price of a typical first-time buyer property is £225,340.
🔸For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,104 per month if repaying over 25 years, compared with £1,138 per month a year ago (when the average first-time buyer property asking price was £223,426)
Are you looking for a mortgage? 🤔
Contact Emma by completing the form opposite, or by email: emma.travers@cavendishproperty.co.uk 📧
📸 Emma Travers, Head of Sales, Lettings and Investments at Cavendish Residential 📸
☎📧🗨
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#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
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