Paul Dicker, Sales & Lettings Manager at Churchill Sales & Lettings, said: ‘The launch of a sub 4% two-year fixed rate is a very positive step for the housing market. This should cause a ripple effect, with many lenders reducing their rates to remain competitive and attract new borrowers in the busy lead-up to the festive period.
Although our agency specialises in the selling and letting of retirement properties across the country, and our over 60s buyers are not typically reliant on mortgage funding to enable them to purchase, this welcome news will undoubtedly assist in our typical buyers’ property sale, and boost consumer confidence generally. With house prices and the cost of living remaining at high levels, this rate cut will provide much needed reassurance, that at long last the lending marketplace may finally be at the start of a rate-cutting trend across the board.
Our buyers are typically over the age of 60 and are looking to move in to a retirement community to live with like minded owners and within a development where constant maintenance of their home is not at the top of their to-do list. For those who have a property to sell before they can purchase, this recent rate cut should allow them to experience a wider pool of buyers which will naturally improve the time taken to secure a buyer; allowing them to enjoy a new chapter in one of our retirement developments as soon as possible.’