Mixed News for 2024 Moving Market

As moving companies look toward prospects for the New Year, there was mixed news this week for home sales in the United Kingdom and Europe.
 
In the United Kingdom, the Financial Times reported that fixed mortgage rates have reached their lowest levels in six months according to a report from Moneyfacts. The UK Mortgage Trends Treasury Report highlighted that the average two and five-year fixed rates have fallen to their lowest level since June 2023 with five-year fixed rates falling to 5.65 per cent.
 
Moneyfacts finance expert, Rachel Springall, said that the reductions will come as “good news” to borrowers, including first-time buyers. “Those borrowers with small deposits will find that average rates are now down considerably from just a few months ago,” she explained.
 
Meanwhile in Europe the Financial Times highlighted that the European mortgage market is set to grow at its slowest rate for ten years. As lower economic growth and higher borrowing costs reduce demand and house prices fall across the European Union, EY’s Annual European Bank Lending Forecast report identified the troubled housing markets across the eurozone and particularly in Germany.
 
“The housing market is taking the biggest hit,” said Omar Ali of EY. “For households across Europe, high living and borrowing costs mean fewer people are buying houses, which means mortgage lending is falling to the lowest level in a decade.”