Buyer demand levels remain 6.7% lower when compared to Q4 2022.

Product transfer and further advance products have reduced by up to 0.92%, with remortgage rates also seeing significant cuts.

The Society says a typical customer could save around £300 per month on the improved rates.

First-time buyers made up over a quarter (28%) of the housing market in 2023.

The acquisition of certain assets is principally for the delivery of services for Lloyds Banking Group.