Jamie Lennox, director at Dimora Mortgages

“However, it's still only a small drop and there is certainly some way to go to reach the 2% target, so we could still see further increases in the base rate until inflation starts to fall at a quicker rate.
 
"The concerns around inflation and the cost of living crisis have led to a slower housing market compared to what we've become accustomed to over recent years, so we are now seeing lenders going toe to toe to fight it out on winning a larger market share from a reduced pool of transactions.
 
"Fixed rates continue to fall and we could start to see some low 4% deals materialise and, if we're really lucky, high 3s."