UK Mortgage Rates 2026: What the April Rate Spike Means for Buyers
UK two-year fixed mortgage rates peaked at 5.90% on 12 April having climbed from 4.83% at the start of March (Moneyfacts) before falling to 5.54%. Zoopla put London first-time buyers at +£232/month at peak, the north east at +£66. Here's what the data shows.
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The average two-year fixed mortgage rate peaked at 5.90% on 12 April, having climbed from 4.83% at the start of March, before falling to 5.54%, according to Moneyfacts.
Agreed sales in the UK housing market were 7% below the previous year according to Zoopla, with the shortfall varying by region: sales fell 12% in Wales and 11% in the East Midlands year-on-year.
The monthly cost increase for first-time buyers varied by location. In London, the April peak added £232 per month to the average first-time buyer's costs. In the north east of England, the increase over the same period was £66 per month.
Zoopla reported UK buyer demand down 15% compared with a year earlier, in its report covering the market to the end of May. The Bank of England reported that mortgage approvals for house purchases fell to a two-and-a-half year low in May, as deals were pulled from sale and rates rose.
What this means for your mortgage
Two-year fixed rates currently sit at 5.54%, below the April peak but above the March baseline (Moneyfacts). The London monthly cost increase of £232 (Zoopla) and the £66 increase in the north east (Zoopla) show the rate movement translating directly into household budgets.
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