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Mortgage interest rates starting to fall

Mortgage interest rates starting to fall
October 10, 2023

It looks like there could be a light at the end of the tunnel for those looking to get a mortgage.

Over the last few years, first-time buyers have faced even more challenges than normal when looking to buy their first home including trying to save for a deposit during a cost-of-living crisis and rapidly increasing house prices.

Despite house prices having fallen 5.3% in the last 12 months, there has still been some major obstacles in the way of first-time buyers, namely huge mortgage interest rates which reached the highest level they have been since August 2008.

However, there could be some good news on the horizon as interest rates look set to begin to fall.

Since the start of August, when an average five-year fixed rate hit a high of 6.37%, rates have continuously reduced, even falling below 6%.

The most recent 5-year fixed rate (at time of writing) is now at 5.96% and there is widespread hope that, if inflation continues to decrease, interest rates could carry on dropping to below 5% again.

"I'd just like to add on behalf of the family....thanks very much to all of you at the Property Store for managing the rental really well over the last 3 years. You've made it all such an easy experience for us. I'll definitely recommend your services to others in the future"

  • - Gina Warrender

"I have been a client with The Property Store for over 10 years, in that time I have got to know them well and value the service they deliver. The team have great tradesmen (Jim in particular) who are available at short notice. The office girls are so friendly, knowledgeable and above all helpful. You will be happy to be one of their landlords."

  • Susan Rooney

My experience with The Property Store, East Kilbride : Right from the beginning of my tenancy The staff at The Property Store have been so helpful and always attended to any issue promptly and efficiently. Every member of Staff I dealt with was highly professional, knew their job inside out and were friendly. I would like to mention Rachel in particular who I dealt with the majority of times. She is excellent at her job and I would not hesitate to recommend The Property Store to anyone looking for reliable Estate Agents.

 

  • Karen
  • - - Tenant

"Can you pass thanks on to the landlord. I've enjoyed living in the house it's just unfortunate my hip condition has deteriorated and caused me to move. I hope the new tenants enjoy their new home. Thank you to property store for all the help and support. A very professional team. I would highly recommend you to others."

  • Helen
  • - Tenant

"I would highly recommend The Property Store, Lorraine and her team are highly professional and efficient. The can-do approach that nothing is too much trouble is exceptional. Managing all our properties remotely was a great help and enabled us to carry on with smooth project running. The team took the stress out of the process but with a personal touch."

  • Simon Brown
  • - Operations Manager at Global Wind Service

"The Property Store was fantastic in finding me a property. They really took such a personal approach to finding me a suitable flat and take great care to ensure its the right fit. The staff are very friendly and will do everything they can to help in anyway they can. I would definitely recommend them to anyone looking for a property."

  • Debbie Fraser

"For some time I had been looking at further property development opportunities on a buy to let basis. As a landlord I had already been working successfully with the Property Store for a number of years and I took the opportunity to discuss this with them. Living remote from East Kilbride and having talked through my requirements it was clear that the most suitable option was for the Property Store to source, develop and let on a fully managed basis.

I have been very impressed with the speed that things have moved particularly how quickly the properties are upgraded and prepared for letting to the point where we have had tenants in advance of completion of works. As a result I have now added three properties in a matter of a few months.

As a remote landlord it is essential that you build confidence in the agents you are dealing with and the team at the Property Store have been excellent to deal with. They are a well-trained motivated team who know what they are doing.

The Property Store utilises the services of a number of key contractors with whom they have has a business relationship for many years. The contractors know the exacting requirements of owner Lorraine Robb and can be trusted to provide competitive quotes as well as completing works to a high standard. The Property Store fully inspect all works and provide regular feedback and are quick to take care of those small details that make all the difference.

I have no hesitation in recommending the Property Store to anyone considering a fully managed service from sourcing to redevelopment to letting."

  • Landlord and Investor

"From the time of meeting Lorraine and working with the team at The Property Store the customer service has been excellent and extremely professional."

  • - Fiona Kirk Landlord

"All of the staff are great, very professional, helpful and welcoming.
Made our journey very easy and stress free, would highly recommend them!!!
From viewing the property to handover of our keys everything was smooth, no issues and now have a very happy household
Thank you all for your help."

  • - Allyson

"Having previously rented accommodation with other letting agents in the area, The Property Store are miles ahead of the rest. Lovely maintained properties and professional and courteous staff. Highly recommend!"

  • Letting agents
  • - Claire Moran