What do the Interest Rate Cuts mean for Property Buyers?

7 Nov, 2024

Today's reduction is a welcome rate drop for property buyers and should help see the housing market continue to build momentum as buyers are able to navigate more favourable lending landscapes. 

"The decline in the base rate is already being factored into lower mortgage rates which have reached a two-year low over the autumn. Lower borrowing costs are expected to support buyer demand and sales into 2025" - Richard Donnell - Zoopla

Following on from the Autumn Budget statement last week with the lack of stamp duty relief, buyers will now benefit from more mortgage affordability. 

The cuts are likely to provide assurance and more confidence from buyers and encourage them to continue with their home ownership goals. 

"We are excited to see lots of new buyer interest over the coming months following this cut in interest rates, as affordability now enables more people to reach their home ownership goals. With First Time Buyers still eligible to will pay no Stamp duty land tax on properties worth up to £425,000 until 1st April 2025 we expect activity to increase and we look set for a very busy start to 2025!" - Phil Bennett, Director.

Here's a look at some fantastic properties we have available for First Time Buyers 

1 Bedroom, split-level Flat in Worthing 

This beautifully presented and spacious, split-level, one-bedroom first-floor flat ideally situated in the heart of Worthing is on the market for Offers in Excess of £210,000.  Contact our Worthing Branch on 01903 331737 to book your viewing today. 

https://www.robertluff.co.uk/properties/grafton-road-worthing-7804

1 Bedroom Flat in one of the best positions on Hove's famous Wilbury Road

This one bedroom flat situated on the second floor of this converted Victorian building. The property is located in undoubtedly one of the best positions on Hove's famous Wilbury Road, being mere steps from the iconic seafront and promenade.  Contact our Hove Branch on 01903 331737 to book your viewing today. 

https://www.robertluff.co.uk/properties/wilbury-road-hove-7727

2 Bedroom Flat with Stunning Sea Views in Lancing 

This charming two-bedroom flat located on Brighton Road in Lancing! This delightful property boasts beautiful sea views and views across Brooklands Nature Reserve, making it a serene and picturesque place to call home.  Contact our Lancing Branch on 01903 331737 to book your viewing today. 

https://www.robertluff.co.uk/properties/francome-house-brighton-road-lancing-7285

2 Bedroom House in Durrington with a Landscaped Rear Garden and Summer House