ISSUE NO 13
March 2024
Welcome to our monthly Newsletter. Each edition will give you insight to the world of Mortgages and Housing.
We hope you enjoy!
The Inspired Team x
MARKET UPDATE:
· What’s happening with house prices?
o House asking prices rose in February by 0.9%, with the average asking price of a home in Great Britain at £362,839. Agreed sales in the first six weeks of 2024 are 16% higher than over the same period last year.
· Are Interest Rates falling or rising?
o The Bank of England kept rate at 5.25% on 1st February but it was the first time one of the panel suggested a rate cut. Analysts still remain hopeful of 2 rate cuts in 2024.
o Inflation is currently 4.0% and the next release is on March 12th. The target remains at 2% and analysts are still confident this can be achieved as early as April.
· Mortgage Rates
o Mortgage Interest rates rose slightly in February. The best 2 year fixed deal currently sits at 4.38% and the best 5 year fixed rate is 4.08% (based on 60% loan to value)
DID YOU GET PAID FURLOUGH DURING LOCKDOWN?:
We have been talking to lots of clients recently and asking, how would you have maintained your bills during lockdown without furlough and how would you pay your bills now if you couldn’t work due to illness or injury?
Income protection insurance provides a monthly income which could help you to pay:
· Mortgage payments
· Childcare costs
· Credit card and loan payments
· Household bills
· Car finance
If you’d like further information about our company, please visit our website www.inspired-financial.com
Thank you and take care.
The Inspired Team.
