Property Market has Flatlined in February

Average asking prices of homes in Great Britain remained flat this February, the smallest increase on record.

This is because there is now more choice for home-buyers and less competition than a year ago.

Mortgage rates have fallen since October, allowing buyers to take out five-year fixed mortgages with an average rate of 4.82%.

The number of potential buyers making enquiries to estate agents has risen by 11% compared to the same period in 2019, indicating more confidence and choice in the market.

First-time buyers are returning, although some may need to look for cheaper properties or factor higher monthly mortgage repayments into their budgets.

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