Clifton Private Finance’s 2024 Mortgage Pulse Report Sheds Light on UK’s Interest Rate Expectations

Last Updated on: 1st February 2024, 07:23 pm

Recent findings from The Clifton Private Finance Mortgage Pulse Report 2024 provide a comprehensive overview of UK residents’ perceptions concerning interest rates, the feasibility of mortgage repayments, property price projections, and the housing crisis debate for the upcoming year.

The data, collected from more than 350 form submissions on the Clifton Private Finance website between November and January—a peak period for the site’s traffic from individuals exploring property and finance options—reveals significant public sentiment towards the 2024 outlook.

Key highlights from the report indicate that an overwhelming 85% of participants do not anticipate a hike in interest rates in 2024. One in three respondents voiced apprehensions about their capacity to sustain mortgage payments, while three-quarters are doubtful of any rise in house prices during the year. Additionally, a significant majority, over 60%, view the UK as grappling with a housing crisis.

Only 13% of those surveyed expect an increase in interest rates in the forthcoming year, with a substantial 87% predicting a decrease or stability in rates.

These findings are particularly pertinent to the ongoing discussion regarding the choice between fixed or tracker mortgages for individuals looking to buy their first home or remortgage in the near future.

Clifton Private Finance’s mortgage brokerage experts have also offered their perspectives on the survey results, reflecting on the current trends and expectations within the mortgage and property sector.

Carly Cheeseman, Head of International at Clifton Private Finance, remarked, “Firstly, interest rates have already significantly improved over the last 8-12 weeks, which is good news for borrowers but I’d expect the base rate to stay the same until around springtime next year, at which point we may see a reduction.”

Senior Finance Broker, George Abouzolof, added, “Yes, I think interest rates will go down over the next 12 months. The best place to look is at the swap rates between banks – these are the rates at which banks borrow money from each other. If swap rates go down, clients’ rates tend to follow – and that’s what we’re seeing at the moment.”

The comprehensive report is accessible at www.cliftonpf.co.uk/bridging-loans/mortgage-pulse-report-2024/, offering in-depth insights into the 2024 mortgage landscape.

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