Families securing cheaper mortgages across Birmingham Edgbaston as costs fall by over £1000 annually since the election

Families securing cheaper mortgages across Birmingham Edgbaston as costs fall by over £1,600 a year since the election

Families in Birmingham Edgbaston are more than £1,660 better off a year when taking out a typical mortgage since Labour came to office, according to new analysis.

A household taking out a new, representative mortgage on a £258,000 home, the median house price in Birmingham Edgbaston, in December 2025 would pay £1,660 less a year than if they had taken out the same mortgage in June 2024, at the time of the General Election.

That is a saving of around £138 a month, putting real money back into family budgets.

These savings are being felt by households across every part of Birmingham Edgbaston. If quoted mortgage rates fall by a further 0.5 percentage points over the coming year, annual savings would rise to around £2,070.

Following the mini-budget, two year fixed mortgage rates surged to over 6 per cent in October 2022, piling hundreds of pounds a month onto the cost of buying a home or remortgaging for families across the country.

Since the General Election, Chancellor Rachel Reeves’ responsible management of the economy has helped bring mortgage rates down from 5.16 per cent in June 2024 to 3.97 per cent in December 2025.

The fall in mortgage costs comes alongside a wider package of Government measures designed to provide security and protect household finances.

From 1 May 2026, the Renters’ Rights Act will ban ‘no fault’ evictions and make it illegal for landlords and letting agents to:

    •    Increase rents more than once a year

    •    Demand more than one month’s rent in advance

    •    Force tenants into rental bidding wars

    •    Discriminate against renters because they receive benefits or have children

Preet Kaur Gill, MP for Birmingham Edgbaston, said:

“This is great news for families across Edgbaston. Mortgage holders are saving an average of £1,660 a year, with savings expected to rise to over £2,000 later this year.

“After years of economic mismanagement and rising costs under the previous Government, people are finally seeing real savings and greater security. I’ve worked closely with residents to understand the pressures they face, and I’m pleased we’re now delivering real results that make life more affordable.”

James Murray MP, Chief Secretary to the Treasury, said:

“The Conservatives dealt a hammer blow to family finances when they crashed the economy and sent mortgages, rents and bills soaring.

“Labour is bringing the cost of living down. We’ve stabilised the economy, leading to six interest rate cuts and lower mortgage costs.

“We’re also cutting £150 off average energy bills, freezing rail fares and prescription charges, raising the minimum wage, and lifting over half a million children out of poverty. This is the year working people across Britain start to feel the benefits of the change Labour is delivering.”