While it is too early to say whether lower inflation rates will improve the UK property market in the near future, it is undoubtedly a step in the right direction regarding the cost of buy-to-let.
Karen Noye, mortgage expert at Quilter, said: “The positive inflation figures this morning might potentially mean that the Bank of England is minded to reduce interest rates faster than originally predicted.
“This will help reduce mortgage rates and coax more people into the market, and prices will resume their upward trajectory, whether for good or for worse.
“We should be under no illusion though, things will still be difficult for borrowers in 2024 and anyone hoping for a return to ultra-low mortgage rates is likely to be disappointed.”
Nathan Emerson, chief executive of Propertymark, said: “We are optimistic this may lead to a potential dip in interest rates in early 2024.
“This will help restore stronger confidence to the housing market and make the prospect of buying and selling a house more attractive to consumers.”
For more information on the UK property market, consider checking out some of our guides, including can foreigners buy property in the UK and where to invest money to get monthly income UK.
You may also want to check out some of our buy-to-let city guides, including:
