Property Blog and News / OnTheMarket reacts to the latest interest rate rise

OnTheMarket reacts to the latest interest rate rise

24 March 2023

Author

Natasha Afxentiou
Senior PR & Content Executive

After inflation rose earlier this week, yesterday the Bank of England Monetary Policy Committee (MPC) increased the interest rate by 0.25% to 4.25%.

Our Chief Executive Officer, Jason Tebb, shares his thoughts on the latest announcement below:

“This 25 basis-point rise, taking rates to 4.25 per cent, was widely expected by the money markets after the surprise jump in inflation.

The 11th 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 but in a measured way, with serious buyers and sellers continuing to engage with each other despite rising interest rates and the higher cost of living.

As buyers will potentially have even less purchasing power after today’s announcement, making sure properties coming to market are priced well is crucial. This is where an experienced local agent is proving to be a huge asset, ensuring property is marketed at a realistic and achievable level and steered through to successful completion, even if it takes a little longer in more challenging market conditions.” 

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