HSBC, Virgin Money and TSB were among big high street names pushing through pre-Christmas reductions in the price of their fixed rate homes loans in a boost for property buyers.
More cuts from lenders are expected over the coming days as the mood in the markets shifted rapidly from fear of a prolonged period of high rates to exuberance in anticipation of sharply falling borrowing costs next year.
The Bank of England was widely expected to leave its benchmark rate unchanged at 5.25% for the third consecutive meeting of the Monetary Policy Committee today.
However, City markets are now pricing in a 50% chance of a first cut by the Bank as soon as March with five quarter point cuts bringing the rate down to 4% - expected by the end of 2024.
This story is from the December 14, 2023 edition of Evening Standard.
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This story is from the December 14, 2023 edition of Evening Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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