Ending the year on a more stable footing - Comment on the MPC interest rate decision from Adam Oldfield at Phoebus Software

14 December 2023

Adam Oldfield, chief revenue officer at Phoebus Software, says "After a year of ups and downs it is good to end the year on a more stable footing. Although rates aren't yet going down, the fact that they are not going up is a relief. Borrowers and potential purchasers can't have failed to notice that overall mortgage rates are coming down. This may give a boost of confidence going into the new year when things, historically, start moving. Given that a large number of properties have come to market across the country in the last month, we could see a real flurry of activity in January.

"The only sticking point would be if the inflation figure next week shows an increase. The unexpected fall in GDP yesterday has certainly given economists pause for thought and as wages continue to increase it is hard to predict what will happen next. On a positive note swap rates are still coming down, which gives lenders more scope to ease the borrowing burden for those coming off fixed rates and those hoping to take up new mortgages."