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The green shoots of Spring are now visible for the 2024 residential property market, with inflation now down to 3.4%. We have clearly seen the peak and inflation is forecast to fall further reaching a traditional norm by the summer. The Bank of England, having recently held interest rates at 5.25% for their last few meetings also appear to have called the peak of the interest rate cycle and as a result of these two important economic factors market confidence is reappearing as buyers start making decisions again.

On the back of more stable economic news, mortgage companies are reducing their interest rates rapidly to attract more business, so 5 year fixed mortgages are now available sub 4% for the first time since 2022. This is slowly increasing demand from buyers and increasing buyer confidence.

A warm welcome to the Spring, from all at Farrar.

Julian Chambers | Director