2014 has been a pretty eventful year for the housing market, and there has been no shortage of news regarding the property market here in the UK. Indeed from stricter mortgage rules to record breaking house prices and stamp duty reforms, the property market was seemingly never out of the headlines. Interestingly, this trend may also be set to continue too, and with Christmas nearly upon us and the new year just around the corner, here we take a quick look at what 2015 may have in store.
According to a recent report from The Telegraph, 2015 may prove just as interesting with regards to the mortgage market here in the UK, and is likely to present a new set of challenges. Indeed the article points to a number of reasons why mortgage rates may be set to rise in the coming year. For example, one factor that could trigger a rise in mortgage rates is a change to the bank rate. Whilst according to some forecasts it is likely to be some time before the Bank of England pushes up the bank rate, the sentiment of the market can change rapidly, and some have predicted that the rise could happen sooner, possibly even in the second quarter of next year.
Uncertainty is another key factor that can influence mortgage rates, and with events such as the next general election on the horizon in 2015, this could also act to increase the cost of wholesale funding, which would in turn result in higher mortgage rates.
According to a report from The Guardian, house price rises are also expected to be more moderate over the next year, with data from Halifax suggesting that house prices are set to rise by only 3-5% in 2015. According to the article, factors such as higher interest rates and reduced affordability are also likely to play a part in reducing housing demand.

Whatever 2015 may bring, here at Search Mortgage Solutions our expert mortgage advisors can help you to find the most suitable mortgage for you, to meet your individual needs and requirements. If you’re looking for a mortgage broker in Manchester, please do not hesitate to contact us today, and a member of our expert team will be happy to assist you with your enquiries.