BANK OF ENGLAND KEEP INTEREST RATES ON HOLD!!
INTEREST RATE FREEZE sees move applicants engaging with the market.
After consecutive rate rises the Bank of England this week has frozen interest rates at 5.25%. Undoubtedly the rate rises have had an impact on the housing market. The rate changes have meant that mortgage costs have increased.
Demand for rental homes remains strong but the higher mortgage rates has lead to some landlords looking to sell their properties due to the increasing cost of mortgage finance. This has lead to a shortage in supply of rental properties resulting in rent increases. Although the recent announcements from the Prime Minster, is likely to stem this flow.
The rate freeze has already seen lenders competing to secure further mortgage business, bringing down their rates to secure future custom. As a consequence of this we have already seen many new applicants viewing properties. Confidence in the market still remains high (as it generally is) although applicants are mindful that they want to secure the "best deal" whether that is paying a "good price" for a home or securing a "reasonable/cheaper mortgage rate".
Following on from the school summer holidays we ordinarily see an increase in demand for homes during September, October and November!! This coupled with the interest rate freeze means this could be the perfect time to get your property sold!.
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