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Property and mortgage market one month on from Budget?

ended 27. November 2024

Today marks a month since the Budget. How has demand for mortgage and property been during November to date? Did it drop off, pick up or was it business as usual? Any insights into how the mortgage and property markets have fared over the past four weeks following the October 30th fiscal event, send them across.

5 responses from the Newspage community

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Ben PerksVerified
Managing Director at Orchard Financial Advisers
It’s been a month of ‘wait and see’ as borrowers and brokers have tried to make sense of mortgage interest rates.
It doesn’t take an expert to see that the markets are still raising a middle finger to the current administration following the budget.
Until they calm down, the turbulence will continue.
Safe to say Truss will be on Reeves and Starmers Christmas card list because without that recent comparison, this would be seen as a shambles.
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Justin MoyVerified
Managing Director at EHF Mortgages
Demand for mortgages only increased where borrowers jumped on Product Transfers to lock-in rates whilst lenders increased deals across the market. Back to panic mode for many, and the industry recoils as a result.The budget was just like a bad night of poker, every hand dealt was bad and the county will have to pick up the tab for years
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Rohit KohliVerified
Director at The Mortgage Stop
Everyone has pretty much been left scratching their heads for the last month still trying to work out if the government intended for this uncertainty and confusion or whether it was just sheer incompetence in not realising the impact of their actions. Borrowers are bemused and baffled as to how they are now paying more despite the base rate cut - they can thank the chancellor for that.
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Jack TuttonVerified
Director at SJ Mortgages
Last months budget certainly derailed the mortgage market. Many people expected mortgage rates to reduce following the Base Rate cut a week earlier. However, the policies announced gave cause for concern that inflation would and has started to increase again. This has led to increased rates which has caused a lot of confusion. Some clients we’ve spoken with have now shelved their plans, hoping the New Year brings further Base Rate cuts and falling mortgage rates.
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Ranald MitchellVerified
Director at bad credit mortgage specialists Charwin Mortgages
November has brought steady demand for both purchases and remortgages. However, a cautious tone lingers among remortgage customers, reflected in a noticeable drop in average additional borrowing since the budget. This signals a dip in consumer confidence, as many are re-evaluating their plans and hesitating to take on extra debt to pursue their ambitions.