As we approach the Bank of England’s next meeting on June 20th, there’s growing speculation about potential changes in interest rates. However, given that inflation has not yet met the target—currently at 2.3%, just above the desired 2.1%—there’s uncertainty about whether a rate drop is imminent.
Currently, the average two-year fixed mortgage rate stands at 5.93%, while the average five-year fixed rate is 5.5%, according to Moneyfacts. Even the most competitive five-year fixed rates are over 4.3%, and the lowest two-year fixed rates are above 4.65%. Although we’ve seen a slight easing in mortgage rates recently, the latest figures suggest that any significant downward trend might be delayed.
Market and Political Uncertainty
Adding to the financial uncertainty is the recent announcement of a general election, which introduces another layer of unpredictability. With a full rate cut now not expected until November, this political development could further impact economic conditions and mortgage rates.
However, while the upcoming six weeks may pose some challenges for new sellers entering the market, buyers have a unique opportunity to benefit from a quieter market and potentially strengthen their purchasing power during this brief period.
Why now is the right time to buy a Skipton Properties home
At Skipton Properties, we understand the challenges that come with navigating this uncertain financial and political landscape. That’s why we’re offering our ‘Any Home. Any Offer’ assistance packages for some our new build developments to help you make the best decision for your circumstances.
(Please note there are two homes at the Willows that this offer doesn’t apply to)
Let us help you buy a new home
1. Own New: This product provides access to lower mortgage rates for the next two years, allowing you to ride out the current uncertainty with more predictable and manageable payments. It’s a proper mortgage at a proper rate!
2. Other Support: If you need assistance with different aspects of your home purchase, such as flooring or stamp duty, we’re here to help. Our flexible options are designed to alleviate some of the financial pressures and make your home buying experience smoother.
Talk to our knowledgeable Sales Advisors today
Don’t let the current market and political conditions hold you back from owning your dream home. Our Sales Advisors are ready to discuss how our assistance packages can benefit you. Whether you’re looking to secure a lower mortgage rate or need help with other costs, we have solutions tailored to meet your needs.
Fed up with waiting? Contact us today to explore how Skipton Properties can support you in making your homeownership goals a reality and join our other buyers in benefitting from the unique assistance we are currently offering.
You can view our homes below or speak with one of our knowledgeable Sales Advisors Thursday – Monday 10:30am – 5pm. Let’s make your dream home a reality together.
Bolton Gardens – Silsden
Croft Mill – Foulridge
The Alders – Skipton
