There will be much focus on the Bank of England’s rate rise in coming days but the real story here is that Britain’s housing market is between a rock and a hard place 🔎 Analysis by Victoria_Spratt
. Indeed, as one mortgage broker excitedly told me “one lender is now offering a rate of below 4 per cent on a 10-year fixed rate and it feels like the first time we’ve seen a rate that low in ages”.
Even as house prices fall – by 3.2 per cent since August 2022 according to the latest data from the Nationwide – this remains the case because house prices rose so much during the pandemic, byAnd so, homeowners who need to remortgage and those who would like to buy for the first time but do not have huge deposits are in a bind. If you borrowed big at the top of the market, the cost of that borrowing is a lot more expensive now than it was just over two years ago when the Bank Rate was 0.
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