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Competitive fixed rate mortgages behind market buoyancy

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Despite concerns over affordability, climbing interest rates and the continuing increase in house prices, the number of new home buyers (and people seeking home loans) continues to climb. Mortgages pitched at a competitive rate seem to be behind a new wave of homebuyers entering the market in September and October.

A survey conducted this month by website Propertyfinder indicates that sellers and buyers have confidence in the market, and the continuing increase of house prices. This is despite the threat of interest rates climbing still further, as they are forecast to do again this year.

The Chief Executive of the website, Warren Brigher, reportedly said: The acceleration in the number of new buyers coming to the market will sustain demand for housing right up to Christmas . This is a combination of a seasonal effect and the favourable mortgage market . While base rates are on the up, fixed rates on mortgages have actually been falling since the middle of September. Around 80% of borrowers typically opt for a fixed rate. Cheaper mortgages mean more home buyers and keep confidence in the market high.

Increased demand also means that sellers are less likely to accept low offers, pushing prices up still further. Fixed rate mortgages are currently perceived as being the most competitive in the market, superseding tracker mortgages that were favoured earlier in the year.

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