The average shelf life of a mortgage has decreased to 15 days, the joint-lowest on Moneyfacts records, according to the most recent UK Mortgage Trends Treasury Report data.
For the second straight month, the average two- and five-year fixed mortgage rates decreased, and the selection of products was significantly more steady than in prior months.
Since October 2022, there are now 3,643 alternatives instead of just 2,258. Product counts were significantly more constant month over month, declining by just 87 deals, the smallest change since April 2022 (+87).
This may indicate that market stability has restored.
The average shelf life of a mortgage product, however, dropped to 15 days, which is one of the lowest values on Moneyfacts records (last seen in October 2022).
Following 13 consecutive months of increases up until November 2022, the average two-year fixed rate and the five-year fixed rate both decreased month over month for the second straight month, dropping to 5.79% and 5.63%, respectively.
For the first time since October 2022, the average two-year fixed rate decreased by 0.22% to 5.79%, reflecting a decrease of 0.22%.
The average "revert to" rate, also known as the Standard Variable Rate (SVR), increased following another increase in the Bank of England base rate in December 2022. This rate has already reached its highest level on Moneyfacts records since November 2008 (6.77%), at 6.64%.
You can also find out how much your property could be worth on the current market by checking out our free and instant online valuation tool. Please bear in mind that this data is automatically generated. If you would like to have an in-depth, personalised valuation with one of our property experts, please don't hesitate to contact us on 020 7723 5645 or pop into our local Fraser & Co office for a friendly chat.
Source:
Property Industry Eye
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