Base Rate Increase

The Bank of England has raised the base rate eight times since December 2021 in an effort to combat rising inflation. This has had a knock-on effect on mortgage rates, which have also been rising. As a result, homeowners are now facing higher monthly payments. A lot of new house buyers opt for fixed rate mortgages so that they know what their monthly mortgage repayments will be every month.

What will happen to the base rate in 2023? 

It is likely that the base rate will continue to rise in 2023, which will mean that mortgage rates will continue to increase. Some are concerned this could further impact the property market. However, it is also possible that the base rate will plateau or even fall in the future. This would depend on a number of factors, including the level of inflation.

What will happen to the base rate late 2022? 

As of June 2022 The Bank of England have announced another 0.25% rate increase moving Base Rate to 1.25%

Have you recently considered obtaining an expert market appraisal? This is essential to ensure you are selling or buying for the correct price.

Over or underestimating the price of your property can have a huge impact on your experience on the market, either prolonging the time it takes to reach completion or reducing the returns you could see from your investments.

TIP - Work with our Sales Managers who will offer neighbourhood data, point out interior and exterior improvements which may help market your property.

The better you are at making your home sparkle, the more likely the appraiser is to give you a higher valuation.

Having a valuation with a local agent like DABORACONWAY ensures you know exactly how the market is performing and what you could expect in light of seasonal and national trends.

Click to book a valuation today!

CREDIT: BRIEF YOUR MARKET

Explore our properties for sale or rent in East London 

Posted on: 27 June 2022