In a recent statement, Mary-Lou Press, President of NAEA Propertymark, shared her perspective on the impact of easing mortgage rates in the current housing market. After years of affordability challenges, she acknowledged that while the prospect of lower rates could bring some relief and encourage modest house price growth, significant hurdles still remain for many buyers.
Mary-Lou Press, NAEA Propertymark President comments:
“Easing mortgage rates will be welcome news after several years of affordability pressures and could support modest house price growth without significantly worsening buyer affordability.
While lower rates may help first-time buyers offset rising prices, high deposits and stretched incomes remain major barriers for many. Home movers and remortgage borrowers, who typically hold more equity, are better placed to benefit.
Lower rates remove a headwind rather than transform the market, and lasting improvements to affordability will depend on stronger wage growth and increased housing supply.”
