Mortgage Interest Rates 2024 Forecast Uk. High mortgage rates and persistent inflation meant transactions fell by a fifth last year and average prices dropped by 5% in the year to september. Uk interest rates were cut on 1 august 2024 for the first time since 2020, bringing relief to many households and businesses struggling with higher mortgage costs and debt.
Thereโs been a dramatic change to the latest forecasts, with uk interest rates now predicted to fall from 5.25% to around 4.75% by the end of 2024 with the first rate cut forecast in august or september, though the. The bank of england made the first cut to interest rates in four years in august 2024, giving hope to mortgage holders that the borrowing squeeze is coming to an end.