Following today’s Bank of England Monetary Policy committee (MCP) decision to raise interest rates by 0.5 percentage points to 3.5%, our Chief Executive Officer, Jason Tebb, shares his thoughts on how this may impact the housing market.
“This 50 basis-point rise, taking rates to 3.5 per cent, was widely expected by the money markets given double-digit inflation. However, the ninth rate rise in as many meetings will further exacerbate increasingly stretched affordability and is bound to affect the confidence of the average property-seeker.
The housing market continues to rebalance in terms of supply and demand, with the aspiration to buy property remaining despite everything. People move for different reasons and that isn’t going to change, even if market conditions are tougher.
Those serious about selling must remember the value of an experienced local agent and the importance of realistically pricing their home. This will ensure they market their property at the right price, with the transaction steered through to successful completion, even if it takes a little longer as seasonal factors also come into play.”
