Average Mortgage Rates since 2000

The graphic illustrates the average five-year fixed rate mortgage in the UK since 2000, highlighting significant fluctuations over the past two decades. Following the credit crunch, mortgage rates experienced a considerable decline, reaching historic lows in the subsequent years. However, recent economic conditions and inflationary pressures have caused a sharp rise in these rates. Despite this increase, current rates remain well below the peaks seen in the 1990s, when they soared to 14.88%.

The importance of mortgage rates cannot be overstated, as they directly influence the affordability of property purchases and the broader health of the housing market. The Bank of England’s anticipated rate cuts in the coming months are promising for prospective buyers, as lower mortgage rates can significantly reduce monthly repayments, making home ownership more accessible.

For those interested in discussing the Leicester property market and how these changes might impact their plans, feel free to give me a call. As a local estate & letting agent, I’m here to help navigate these financial shifts and find the best opportunities for you.