The uptick in seller activity is notable because even as the lock-in effect eases, the gap between today’s market rates and the rate many homeowners have on their current mortgages is quite large. In fact, the latest data shows that 82% of homeowners with a mortgage had a rate below 6%, down from 87% one year ago.

A growing number of UK lenders are cutting mortgage rates as the fallout from US tariffs continues to fuel forecasts of deeper than expected interest rate cuts. Coventry Building Society became the largest mortgage provider to cut its two-year fixed rate to below 4% on Wednesday as several others also cut rates.