Bank of England increases interest rates again
Thu 23 Mar 2023
We are still seeing an active market; we are listing properties of extremely high values with viewings being booked by potential buyers."
Peter Hornor, Chartered Surveyor, Norwich.
The Bank of England's Monetary Policy Committee has increased interest rates again to 4.25%.
This is the 11th increase in a row, aimed at curbing inflation - still predicted to fall over the rest of the year.
It means UK interest rates are now at their highest since 2008.
Peter Hornor, Chartered Surveyor, Partner, based in our Norwich office, said: "It is of course disappointing that interest rates have risen yet again, however 0.25% is less than some analysts had forecast.
"Increasing interest rates affects people's ability to buy property and can influence house values. All we can say, however, is that we are still seeing an active market; we are listing properties of extremely high values with viewings being booked by potential buyers.
"Many of those interested parties do not need a mortgage so are less affected by today's news."
Jeremy Baguley, also a Chartered Surveyor and Partner, who heads the Residential team in our Retford office, added: "Today’s rate rise was expected, so the market was prepared for it and as the level of rise is less than some predicted (with a hint it might be the last for some time) it could be a 'positive' sign.
"Although it is likely to flow through to some mortgage rates, lending rates have been edging down with more available products so we anticipate a limited direct effect on the market, particularly our part of the country which offers better value than London and the Homes Counties."
Peter Hornor said: "As we head towards Easter, spring is always a good time to move. We are seeing an enthusiasm for moving house which we hope will continue.
"Our auctions also continue to be highly successful; yesterday we sold five out of six lots in one of two online sales being held this month. Two small parcels of grazing land both fetched three times their guide prices and a house in the prime Golden Triangle area of the city went under the virtual hammer for £65,000 over its guide.
"We urge anyone looking to buy or sell to contact us for advice."
You can contact Peter Hornor in Norwich on 01603 629871 or Jeremy Baguely in Retford on 01777 712944.
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