BANK OF ENGLAND HOLDS BASE RATE AT 5.25%. - What does this mean for Bexleyheath Homeowners
Great news - BANK OF ENGLAND HOLDS BASE RATE AT 5.25% - Keep reading to find out how that might affect you.
Dear Bexleyheath Neighbour
Great news - BANK OF ENGLAND HOLDS BASE RATE AT 5.25%.
The Bank's policymakers say the decision is due to expectations that inflation & the pace of price rises for consumer goods such as energy and food, are to fall sharply in the coming months.
Chancellor Jeremy Hunt described the UK economy as "far more resilient than many expected" and will set out plans to boost economic growth in the Autumn Statement on 22 November.
Brokers expect mortgage rates to drop slightly, they are still considerably higher than most homeowners' previous deals, although we have witnessed mortgage rates drop on average 0.5% since August 2023 according to data analysts Moneyfacts.
Zoopla’s latest house price index suggests that house prices have fallen in 80% of markets in the UK. Nationwide have released a report showcasing that house prices actually rose by 0.9% in October, with a lack of supply being cited as the main reason for this unexpected rise. House prices are still lower than October 2022, with Nationwide suggesting a difference of around -3.3% year on year. House price are however, still up 16.78% in Bexleyheath since early 2020, despite the recent drop.
What we are keen to see, is how the housing market will be affected following the news above - will confidence start coming back now that there is some stability in the mortgage market? Will further confidence be added as a result of the Nationwide’s latest figures?
We will have to wait and see.
What I can tell you however, is that, whether we are in an ‘up market’ or ‘down market’, if you are selling and buying in the same market, house prices remain relative.
So with that in mind, now is as good a time as any to make your move, whether you need to upsize, downsize or relocate.
Thinking of moving? Perhaps I can help, get in touch to book a valuation & selling advice meeting for your home. I look forward to hearing from you,
Aaron