A number of the country’s biggest lenders look set to continue cutting rates on their fixed mortgages this week providing home- owners with a small glimmer of hope with their mortgages. 

The Bank of England is widely predicted to hike interest rates this week, but there are growing signs that the pressure on policy makers could be easing. 

Consumer Price Index (CPI) inflation stood at 7.9% in June, from 8.7% in May and the lowest rate since March 2022, according to official figures from the Office for National statistics (ONS). 

Consequently, rates may not need to climb as high as feared as the bank looks to bring inflation down to its 2% target. 

It comes as both the US’s Federal Reserve and the European Central Bank (ECB) hiked up their interest rates to a two-decade high last week. 

UK Economists think a quarter-point increase would take interest rates to 5.25% this week, with at least one more rate hike to come in the near term. 

With the end of high interest rates in sight, there is some greater optimism around house prices. 

This week some lenders have started to lower their mortgage rates marginally due to favourable market conditions and subsequently the Nationwide reduced their rates on Friday by up to 0.35% 

If you are considering selling your home and would like a free market appraisal from David Phillip FRICS call now on 01134 676 400. 

A: 86, Leeds Road, Bramhope, Leeds, w: davidphillip.co.uk  

Covering Leeds, North Leeds, Bramhope, Adel, Cookridge, Pool-in-Wharfedale, Otley and Alwoodley.