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Bank of England raises the base rate yet again


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Old 05-02-2004, 02:58 PM   #1
mcamp999
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Bank of England raises the base rate yet again

Will this mean more houses available on the property market?

http://www.moneymarketing.co.uk/Show...ID=44058&nRN=1
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Old 10-02-2004, 09:38 AM   #2
Tara
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I shouldn't think yet awhile MCamp. When I bought my house 3 years ago, the rate was 6.5% and it dropped steadily, so although it is being raised now, it is nowhere near halting the house price rises yet or causing people to sell their homes because they can't afford to keep them, which would be one of the reasons for more property on the market.

T
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Old 10-02-2004, 10:49 AM   #3
mcamp999
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Quote:
Originally posted by Tara
I shouldn't think yet awhile MCamp. When I bought my house 3 years ago, the rate was 6.5% and it dropped steadily, so although it is being raised now, it is nowhere near halting the house price rises yet or causing people to sell their homes because they can't afford to keep them, which would be one of the reasons for more property on the market.

T
Yes, you are right, but many people have used the low interest rates to mortgage right up to the maximum. So, even a 1% increase on a mortgage of say £150,000 which is not unusual equates to an extra £125 per month in interest payments alone.
It will hit people quite heavily methinks.
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