Rachel Springall (pictured), finance expert at Moneyfactscompare.co.uk, noted the positive shift for landlords worried about interest rates, with significant reductions in both the two- and five-year fixes.

She, however, did not rule out the potential for slight increases in fixed rates in the near future due to fluctuating swap rates, advising those considering refinancing to act swiftly to secure favourable deals.

“A notable area of volatility in the market has surrounded product choice; the overall count has dropped month-on-month, but availability is up by around 250 deals compared to six months ago,” Springall said. “The ebb and flow of deals makes it essential for prospective borrowers to seek advice to navigate the options available to them.

“Deeper analysis of product choice shows five-year fixed offers have waned month-on-month, but two-year fixed offers are resilient. It will be interesting to see how lenders adjust their ranges in the weeks to come. There are more two- and five-year fixed mortgages now than there were six months ago.”

Springall referenced a study by Hamptons, indicating an 8.3% year-on-year increase in rental growth for newly let properties across Great Britain, albeit at the slowest pace in 13 months. Despite this slowdown, Hamptons anticipates rental growth to outpace inflation for the remainder of 2024.