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A wooden house on top of a calculator; our Conveyancing Solicitors in Lancaster discuss house buying trends in 2024.
As we step into 2024, the mortgage landscape in England is showing signs of change that could be advantageous for prospective home buyers. This blog, written by conveyancing solicitor in Lancaster, and Director at MG Legal, Chloe Cardwell, will delve into these changes and highlight why now might be an ideal time to consider purchasing property, especially with the expert services of MG Legal, known for their conveyancing and property expertise in Preston, Lytham, and Lancaster

Understanding the UK Property Market in 2024 

The year 2024 brings with it a forecast of further cuts in mortgage rates, as indicated by several financial experts and market trends. The average rates for both two- and five-year fixed mortgages have been on a downward trajectory, which is expected to continue throughout the year. This trend is driven by a combination of factors, including positive inflation data and a competitive market among lenders, leading to a so-called 'mortgage rate war' where lenders attempt to offer the most attractive rates to borrowers. 

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MG Legal's leading Conveyancing Solicitors offer all of our Conveyancing services on a clear, fixed-fee rate.  
Our team put your first, and work with care to ensure that your wishes are met. Call us today on a free, no-obligation basis at: 01524 581306. 
Get in touch today to speak to our Conveyancing Solicitors. 

Is 2024 the Perfect Time to Buy? 

Favourable Mortgage Rates: 

With the Bank of England's base rate expected to fall by May 2024, mortgage rates are predicted to continue dropping, making loans more affordable for home buyers. This scenario presents a window of opportunity for those looking to secure a mortgage at a lower interest rate. This decline is primarily driven by the Bank of England's monetary policy and the overall economic landscape. The competitive nature among lenders also plays a significant role, as they strive to offer the most attractive rates to borrowers. 

Market Competitiveness: 

The competition among lenders has intensified, leading to more attractive mortgage offers. This competitive environment benefits consumers, as financial institutions strive to provide the best rates to attract borrowers. 

Positive Economic Indicators: 

The decline in inflation rates, coupled with the Bank of England potentially cutting the base rate, creates a more favourable economic environment for mortgage borrowers. This scenario is likely to result in continued decreases in mortgage rates, making property purchases more financially feasible. 

Why choose MG Legal Solicitors? 

No hidden fees.

Transparent fees. 

Our solicitors offer their services on a clear fixed-fee or hourly rate, and accept personal injury claims on a no win no fee basis. 
We are the experts

We are the experts. 

Here at MG Legal, our team of friendly solicitors are fully-qualified and have over thirty years' experience in helping clients just like you. 
Regular Communication

Regular communication. 

When you work with MG Legal, your solicitor will be in regular contact so you have step-by-step updates. 
Multiple Office locations.

Multiple office locations. 

If you are looking to instruct our solicitors, we have offices in Garstang, Longridge, Lancaster and Lytham for your convenience. 

House prices at the start of 2024 

As we look at the start of 2024, the UK property market, particularly in England, presents a varied picture in terms of house prices. Here's an overview based on the latest predictions and analyses: 

House Prices 

The UK housing market has historically been volatile, and 2024 is no exception. While it's challenging to predict with certainty, experts suggest that house prices may continue to experience fluctuations. The housing market is expected to be influenced by various factors, including local market conditions, type of property, and economic factors like business investment and employment levels.  
As the UK continues to recover from the pandemic's economic impact, the property market may present unique investment opportunities. The potential for increased housing demand could drive market growth, benefiting early investors. The upcoming March budget is also anticipated to introduce measures easing the path for first-time buyers, which could affect the market dynamics. Factors influencing these trends include economic conditions, government policies, and market sentiment. Nationwide and Halifax foresee moderate declines in house prices. However, the impact of government schemes aimed at supporting first-time buyers could help stabilise prices. Henry Pryor, a housing expert, predicts a slide of around 3% in house prices for the year, influenced by factors like rising interest rates and the looming General Election. 

Favourable Mortgage Rates 

The anticipated continuation of lower mortgage rates makes 2024 an attractive year for securing a mortgage. Lower rates mean reduced borrowing costs, potentially making property purchases more affordable for a broader range of buyers. Mortgage rates are expected to continue their trend of softening, especially as the Bank of England is anticipated to reduce rates, possibly starting in the summer of 2024. This is in line with the larger-than-expected drop in UK inflation in November 2023. For example, the average two-year fixed rate at 95% loan-to-value (LTV) stood at 6.21% as of December 21, down from 7.1% in August. This trend of declining rates is expected to stimulate more activity in the market. 

Tips for Getting the Best Mortgage Deal 

When seeking the best mortgage rates, it's crucial to consider various factors such as your financial situation, credit score, and the specific type of mortgage that suits your needs. Shopping around and comparing different mortgage deals is essential to find the most beneficial offer for your circumstances. Additionally, seeking advice from mortgage experts can provide valuable insights and help you navigate the complex mortgage landscape. 

MG Legal: Conveyancing Experts near you 

For those in Preston, Lytham, and Lancaster, MG Legal offers expert conveyancing and property services. The expertise of our conveyancing solicitors can be invaluable when you have found your dream home, and want to move quickly. Our team will help you make the most of the current mortgage rate environment, ensuring a smooth and informed property purchase process. 
For those considering a property purchase in Preston, Lytham, and Lancaster, MG Legal offers unparalleled expertise in conveyancing and property law. Our team can provide valuable guidance on navigating the current market, making the process smoother and more informed. 

Why choose MG Legal, Conveyancing Solicitors? 

Clear, fixed-fees 

Fully-Qualified Conveyancing Solicitors 

Tailored Service 

Multiple Office Locations 

Decades of Experience 

Home Visits 

The year 2024 presents a promising outlook for potential home buyers in England, with mortgage rates expected to continue their downward trend. This, combined with the competitive market among lenders, creates an opportune moment for purchasing property. Utilising conveyancing solicitors like MG Legal can enhance your buying experience, ensuring a well-informed and efficient property transaction. 
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