By Enzo Mora, CEO and founder of The Mortgage Brain.

It's hard to imagine that this time last year inflation was 10.7% so it's good news that it has just dropped to 4.6%, the lowest figure for two years. 

Bank rate rises, used to curb inflation, have peaked and lenders are now being more competitive with mortgage deals to attract borrowers.

In a mortgage market that never stands still, we've seen a rise in customers using our mortgage calculators to give them an idea of what they can borrow before they speak to one of our advisers.

I'm pleased to say that in many cases when we look at all the figures, we can find a range of affordable options to consider.

First time buyers are still in fashion

Lending to first-time buyers will reach £71 billion by 2025, 26% above estimated lending for 2023, according to Coventry Building Society. 

The research also revealed a knowledge gap among today's FTBs, with 40% saying they needed more information and guidance about applying for a mortgage, while 36% required more detail on exchange of contracts and associated costs such as legal and broker fees, the deposit and stamp duty. 

When I was buying my first home, I was already working in the financial industry, so I was probably better informed than most buyers of my age, but it still wasn't straightforward. The benefits of using a broker like The Mortgage Brain is that we can answer all the questions you have on upfront costs and help you through the process so there are no surprises along the way.

Will the autumn statement bring good property news?

As usual the rumour mill is turning for next week's statement, and it's thought that the Chancellor could announce an extension of the government's Mortgage Guarantee Scheme, set to end on December 31. It allows first-time buyers with small deposits to apply for a 95 per cent loan-to-value mortgage with participating lenders. 

There's even talk of a stamp duty exemption for downsizers which may or may not be good news for property prices which leapt up during the post pandemic stamp duty holiday. Tax rebates for improving a property's energy efficiency have also been mooted.

Is now a good time to buy?

Rental costs are still rising with average advertised rents now 10% higher than this time last year for new tenants across England, Scotland and Wales, says Rightmove's latest data. The average rent for a studio, one or two bedroom home now makes up 38% of the average salary which is encouraging many renters to look at buying a property.

Some house price indices, such as Halifax, show house prices are rising again after recording a run of falls. ONS figures which records actual property sale prices using HMRC data shows the average UK house price was £291,000 in September 2023, which was little changed from 12 months ago, but above the recent low in March 2023. Getting on the ladder requires a deposit, savings, a salary to support the borrowing and a leap of faith, and we're here to make sure you reach the other side.

To find out more about The Mortgage Brain, visit www.themortgagebrain.net or call 0333 340 8888.