“We’ve noticed our estate agent introducers are a bit quieter, which suggests some people are holding off on listing for sale just now,” Alan MacKenzie of Your Next Step told MI. “However, there’s still a strong level of activity on the remortgage side, which is keeping things moving given the volume of deals coming up this year.”
But borrowers are still viewing the overall market with some anxiety. Anderson said “concern and fear” are two of the strongest sentiments he’s seeing among clients, especially those with rates expiring in 2027 who are coming off sub-2% five-year deals.
While the rate picture might be brightening after the recent chaos spurred by the Iran war, there’s also still some lingering unease among borrowers about the rate whiplash of the past month.
“Deals being pulled so quickly, sometimes three times in the same week, does create a very tricky environment,” Craig Head of Mortgage Required said. Still, he sees more stability ahead. “Most lenders now [hit] the rate ceiling they feel comfortable with,” he said.
In terms of behaviour, Head sees both sides of the emotional swing. “There is always increased urgency when any major event quickly impacts mortgage rates,” he said. “Once the best deals are gone and higher rates become the norm clients do tend to shift in the other direction and start hesitating over securing higher rates or deciding what the best course of action is.”