The market seems to have cooled slightly after the summer recess, although agents tell us that they are still busy, whilst potential buyers say there is a lack of choice, particularly in the First Time Buyer and home-mover sectors.

Demand remains high for the large residential developments that are currently under construction, or nearing completion in St. Helier, which can be bought off plan. These quality projects are helping to fill the gap for anybody looking to buy their first home, or to start an investment portfolio.

This is the second month where there has been no change to our list of best rates, which is perhaps understandable, as the markets wait to see what happens after the Bank of England’s meeting on the 2nd November. This meeting is of importance to us all, as it is widely expected that a decision might be made to increase the Base Rate to 0.50%.

It is uncertain when further increases might be made, as these will be governed by the UK Cost of Living, unemployment and, most significantly, Brexit.

The days of the tracker rate are now numbered, so a strong recommendation might be to choose a fixed rate if buying and to lock into a fixed rate now if you already have a mortgage which is on a tracker rate. At The Mortgage Shop, we have a wide range of fixed rate options available, from 2 years through to 10 years. With 2 year rates from 1.14% and 10 year rates from 2.39% don’t leave it too late!