STOP PRESS: Interest Rates......
The Bank of England Monetary Policy Committee has today announced a rise in the bank base rate from 0.1% to 0.25%. This has been "on the cards" for a while although many now thought they would wait until the New Year.
Nevertheless, with inflation soaring over 5% (the target is 2%), the bank was bound eventually to do something in response to rising prices and a “Post Covid” hike in consumer spending. It was thought that the new Omicron variant might prevent such a rise, but apparently not.
So what does this mean for the housing market? The rate increase, when passed on to mortgage borrowers is likely, on average, to cost homeowners £10-£15 a month more, which to some, will not be a significant change to dampen motivation to move.
Demand is still considerably ahead of supply as people continue to seek new property lifestyles, and we don’t expect to see any reduction in this demand. Indeed, we are gearing up for a massive spike in enquiries between Christmas and New Year, when people have time to consider their position and cruise the property portals. (Last year Rightmove reported 51 million hits between Boxing day and the first day back at work).
Please remember with this local agency you see all our properties on www.tppuk.com
It’s not too late if you wish to take advantage of this expected frenzy! Please feel free to contact us today and we’ll be happy to advise you on the best way forward.