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She said customer behaviour had changed, with borrowers taking shorter fixed rate deals in anticipation that interest rates will continue to fall.
On Thursday, the Bank of England cut rates from 4.75% to 4.5%.
Its governor, Andrew Bailey, said that rates remain on a downward path.
“In 2023 over half of our local mortgage customers opted for a five-year fixed mortgage product, whereas in 2024 63% chose a two-year fixed option, with many anticipating that the Bank of England base rate was going to start to fall in the nearer term,” Mrs Davies said.
“We expect local mortgage lending to remain healthy this year, buoyed by the decreasing rate environment, low unemployment levels and strong buyer demand.”
BBC News
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