It looks like there could be a light at the end of the tunnel for those looking to get a mortgage.
Over the last few years, first-time buyers have faced even more challenges than normal when looking to buy their first home including trying to save for a deposit during a cost-of-living crisis and rapidly increasing house prices.
Despite house prices having fallen 5.3% in the last 12 months, there has still been some major obstacles in the way of first-time buyers, namely huge mortgage interest rates which reached the highest level they have been since August 2008.
However, there could be some good news on the horizon as interest rates look set to begin to fall.
Since the start of August, when an average five-year fixed rate hit a high of 6.37%, rates have continuously reduced, even falling below 6%.
The most recent 5-year fixed rate (at time of writing) is now at 5.96% and there is widespread hope that, if inflation continues to decrease, interest rates could carry on dropping to below 5% again.