Falling mortgage rates are helping boost sales levels. There were 332,200 sales agreed across the UK in Q3 2024, 23% above the same period last year.
While 2023 was a low base to compare with, Q3 2024 sales were also 7% ahead of the same quarter in 2019 (a stronger year for comparison purposes).
Average two- and five-year fixed mortgage rates fell to 5.0% and 4.5% respectively over September. These rates are now at their lowest level since April and May 2023.
All regions saw an annual increase in sales, with the East of England and East Midlands leading with 28% rises. The supply of properties for sale also rose 456,902, up 9% year on-year and its highest level in six years. Source: TwentyCi, Bank of England
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