According to research by the specialist real estate lending experts at Octane Capital, the affordability of mortgages for homebuyers has improved since the summer. In September, the average monthly repayment amount for homebuyers decreased by £64 compared to July.

The average cost of a 5-year fixed-rate mortgage with a loan-to-value ratio of 75% dropped from 5.79% in July to 5.30% in September. This means that people buying homes now can save £64 per month, which adds up to £765 in savings over the course of a year.

Over the past three months, mortgage interest rates have started to decline, which is good news for those nearing the end of fixed-term mortgages, as it eases the financial pressure on their households.

For homebuyers, housing has become more affordable, aligning well with the upcoming peak season in the autumn housing market.

Sellers should also be pleased because lower mortgage rates mean that buyer demand may increase. Many people had previously postponed their property searches out of concern that mortgage costs would become unmanageable.

Unless there are major disasters or further government interventions, interest rates are expected to continue to decrease, although the pace may be relatively slow.