The Bank of England hikes interest rates to a staggering 3% - the biggest rise since 1989
It is also the eighth time in a row that the Bank hikes interest rates, which mortgages are set against. Less than a year ago the rate was 0.1%.
"Renters will also feel the effects of today’s interest rate hike. They will find it more difficult to find available properties as landlords are set to experience higher mortgage rates which could deter them from renting their properties and look to sell instead." Nevertheless, last month Bank of England Governor Andrew Bailey said it was likely the hike in interest rates could be bigger than the 0.5 percentage point increase to 2.25% seen at the previous meeting.
Experts at the firm said they expect latest forecasts from the Bank of England, which will also be revealed on Thursday, to show that "the economic outlook has deteriorated further". James Smith, developed markets analyst at ING, also had a downbeat prediction for Bank's latest economic outlook.
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