Monthly mortgage payments could fall by around 25% by the end of the year, new research from Quilter shows.
The latest government house price index data shows that in November last year, the average UK property cost £294,910.
During the same period, mortgage rates peaked at around 6% in the aftermath of the mini-budget.
Quilter explains that those who purchased a property at this price and mortgage rate with a term of 25 years and an 80% loan-to-value (LTV) ratio will face a monthly mortgage payment of £1,520.