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Guest writer Daniel Watson provides a mortgage Market Update - 29th May 2024.

Welcome to the first Mortgage Market Update - 29th May 2024.

Brought to you by Kerr & Watson, Property Bee's recommended mortgage advisers.

Last week saw shifts in mortgage rates, with Halifax and TSB reducing rates while Barclays increased theirs. The Consumer Prices Index (CPI) fell to 2.3% in April 2024, and official data indicated a rise in house prices and private rents. Additionally, Ofgem announced a decrease in the energy price cap, and experts weighed in on the challenging outlook for the Conservatives in the upcoming general election.

Mortgage Rate Changes

  • Halifax cuts rates by up to 0.19% on 2 and 5 year fixed rate products for both first-time buyers and home movers.

  • TSB reduced rates by up to 0.4% on first-time buyers, home movers and remortgage products.

  • Barclays increased rates on many mortgage deals by around 0.25% to remove their competitive edge.

Inflation falls to 2.3% in April

The Consumer Prices Index (CPI) rose by 2.3% in the 12 months to April 2024, down from 3.2% in the 12 months to March, slightly higher than the 2.1% economists had predicted, according to ONS -  Consumer price inflation, UK: April 2024

Private rent and house prices, UK: May 2024

Official data on house prices and rentals was released from ONS - Private rent and house prices, UK: May 2024.

The average UK house prices rose by 1.8% in the 12 months leading up to March 2024 (provisional estimate), compared to a revised decrease of 0.2% in the 12 months leading up to February 2024.

Additionally, average UK private rents increased by 8.9% in the 12 months leading up to April 2024 (provisional estimate), down from a 9.2% increase in the 12 months leading up to March 2024.

General Election confirmed for 4th July

Several financial experts weighed in on the upcoming election, predicting a tough road ahead for the Conservatives. Many believe the Tories have little chance of winning, given their lack of a cohesive plan and widespread dissatisfaction with their performance, while Labour is seen as likely to capitalize on this discontent despite its own challenges. Some suggest that, despite recent economic improvements, the Tories' last-minute election call and ongoing internal strife may not be enough to retain power.

Retail sales fall by 2.3% in April 2024

ONS revealed that retail sales volumes declined by 2.3% in April 2024, following a revised decrease of 0.2% in March 2024. Retail sales, Great Britain: April 2024

Changes to energy price cap

Ofgem announced changes to energy price cap between 1 July to 30 September, the annual energy cost for a typical household using electricity and gas and paying by Direct Debit will decrease to £1,568. This is £122 less than the price cap set from April 1 to June 30, 2024 (£1,690).

2 and 5 Year Swap Rates

The 2-year swap rate has increased by 0.256% compared to last week, while it has decreased by 0.044% since last month and by 0.404% since last year.

Similarly, the 5-year swap rate has risen by 0.217% from the previous week, with a slight decrease of 0.008% over the past month and a decrease of 0.414% over the past year.

Swap Rate




2 Year




5 Year




Updated 28th May2024

Current Headline Rates

Mortgage Type

Loan to Value

2 Year Fixed Rate

5 Year Fixed Rate



4.79%Leeds BS









4.83%Leeds BS




 5.09%The Family BS


I hope you find this useful, if you have any questions or you or anyone you know needs mortgage advice, please get in touch.

Visit our website via the button below to find out more or if you require any assistance with your mortgage.

Daniel Watson IFA

Daniel Watson

BA (Hons) Marketing, CeMAP, DipMAP, CeRER, CertPro


With over 15 years experience in Financial Services, Daniel has worked for numerous specialist lenders with roles such as Marketing Executive, Business Development Manager and National Sales Manager.

This background has helped him gain first-hand understanding of how lenders work behind the scenes, useful knowledge to have when placing a mortgage.

He has vast experience with bridging loans, residential and buy to let lending.

Daniel has been featured in industry publications including Financial Reporter, Mortgage Solutions and has been a panellist many times for the Lenders Live podcast.

Outside of work, Daniel is a football coach for both his sons teams and also a marathon runner. Both require discipline and determination making him the perfect broker to have on your side when things get challenging.

01252 224620

07306 397829


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