Last updated: 8 May 2024 at 14:20
House prices plateau while lowest mortgage rates continue to see some volatility.
Average property prices in the UK saw little growth between March and April, with Halifax’s latest House Price Index (HPI) reporting a monthly increase of just 0.1%. This translates to a £168 increase in the price of a typical UK home, to stand at £288,949.
“While there is always much scrutiny of monthly price changes – and a degree of volatility is to be expected given current market conditions – the reality is that average house prices have plateaued in the early part of 2024,” said Amanda Bryden, Head of Mortgages at Halifax.
“This reflects a housing market finding its feet in an era of higher interest rates. While borrowing costs remain more expensive than a few years ago, homebuyers are gaining confidence from a period of relative stability,” Bryden went on to explain.
Indeed, this confidence is reflected in the latest Money and Credit figures released by the Bank of England last week, which found the number of net mortgage approvals reached its highest level since September 2022.
Nevertheless, Bryden acknowledged affordability constraints present a “significant challenge” to many prospective and existing borrowers.
Below, we provide more details on the lowest mortgage rates available to remortgage borrowers, homemovers and first-time buyers. However, as the lowest rate may not always be the most cost-effective choice for your needs and circumstances, we’ve also offered some alternative deals which feature on our Moneyfacts Best Buy Chart based on their overall true cost.
Otherwise, for a complete overview of the mortgage market, visit our charts.