Mortgage deal choice cut in half

while the average two-year fixed mortgage rate has reduced to 2.21%, so the benefit of switching to a new deal while rates are low is evident for those eligible and would protect these customers from interest rate volatility in the future.”

Separate research from Zoopla this week found the number of new property sales agreed in the UK has fallen by 70% since March 24.

It said demand for housing started to fall two weeks ahead of the lockdown as consumers responded to the emerging pandemic.

Zoopla said the fall in demand has bottomed out and is now consistent with levels recorded at Christmas 2018, with households continuing to express interest in homes even though they cannot currently physically view them.

Sales numbers are currently being sustained by buyers who had viewed homes before the social distancing policy was introduced.

The number of homes typically for sale per estate agent is just 1% lower than in early March.

Richard Donnell, research and insight director at Zoopla said: “While the recent drop in activity has been sharp, the market has not ground to standstill. There is still activity going on, just at much lower rates than you would expect in a busy spring market.

“Consumers continue to engage with what is on the market and contact estate agents, planning ahead for when restrictions are lifted.”