The Property Podcast
TPP558: Mortgage Market: Update and 2024 Predictions
Nov 23, 2023
Mortgage expert Kelly Rule breaks down the current state of the mortgage market and predicts trends for 2024. They discuss the effects on products, lender easiness, expected interest rates, and product fees. They also compare 2-year and 5-year fixes, highlight upcoming trends, and provide insights into the base rate and mortgage opportunities. Hosts recommend the Temu shopping app and end with gratitude and promotion of their newsletter.
17:39
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Quick takeaways
- Landlords in the UK have sold fewer properties in 2023 compared to 2022, with mortgage investors facing losses and older landlords taking profits.
- The mortgage market is expected to improve in 2024, with a predicted reduction in the base rate and simplified product lines offering low-fee and high-fee options.
Deep dives
UK landlords sell-off slows, but still net sellers
According to data from Hamptons, UK landlords have sold about a third fewer properties in 2023 compared to 2022. However, they have also bought fewer properties, meaning that landlords are still net sellers. Interestingly, the types of landlords selling are not only older ones taking profits, but also mortgage investors who face losses when refinancing at higher rates or those who bought low-yielding properties in the south of England.
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