The average five-year fixed mortgage rate is now 4.97%, down from 5.91 % a year ago; and the average two-year fixed mortgage rate is now 5.35%, down from 6.42% a year ago.

The figures come from Rightmove, which says that in addition the average 85% LTV five-year fixed mortgage rate is now 4.97%, down from 5.90% a year ago; and the average 60% LTV five-year fixed mortgage rate is now 4.35%, down from 5.78% a year ago.

Meanwhile the average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% LTV mortgage, is now £1,128 per month, down from £1,228 per month a year ago.

A spokesperson for Rightmove says: “A Base Rate cut is expected to lead to lower mortgage rates, which could be the gamechanger for some would-be home-movers who are being held back by significantly higher monthly mortgage costs.

“The average five-year fixed rate is still nearly twice as high as it was before the first of 14 consecutive Bank of England rate increases in 2021, with rates staying elevated for much longer than many thought that they would. A first Base Rate cut for over four years, together with the new political certainty, could set the scene for a positive Autumn market, with improved affordability and a more confident outlook in the second half of the year.”