“Whilst it was no surprise, it is still nonetheless disappointing that the Bank of England did not take the opportunity to spread some festive cheer with an early cut.
“Given the economic outlook, it seems that we will be going into the New Year with interest rates at a higher level than they need to be, and there is an increasing sense that a rate cut will need to happen sooner rather than later.
“Inflation is still on close watch, but with thousands more mortgage holders set to come off low fixes into a higher rate environment and wage growth starting to ease, the Bank could find themselves yet again behind the curve.
“The good news is that in recent weeks in the money markets, SWAP rates have started to fall markedly and mortgage lenders are entering 2024 in competitive mode, keen to hold on to their existing customers and attract more to increase or maintain their market shares.
“The result should be a busier than expected time for the mortgage and property markets as buyers vie to take advantage of easing house prices before increased demand starts to send them up slowly once more.”