Fresh interest rates boost for homebuyers

Interest rates look set to stay at their record low for longer than thought.
The Bank of England’s deputy governor has said that weak pay rises and low inflation mean there is less urgency to raise the 0.5 % rate.
Sir Jon Cunliffe gave the insight in a speech in Cambridge.
He said that a slowdown in the Eurozone and global growth also meant that interest rates could be kept at their current low for longer than thought.
“The softening in the pay and inflation data, together with the weaker external environment, for me implies that we can afford to maintain the current degree of monetary stimulus for a longer period than previously thought.”
Sir Jon is one of the members of the Bank’s Monetary Policy Committee (MPC) which decides interest rates each month.
The Bank has kept interest rates at their historic low of 0.5% since March 2009. Some industry experts had forecast a slight rise this autumn but that prospect is rapidly receding.
Other analysts say an increase of a quarter per cent may come in the spring but many are ruling out any action until after the general election in May.
This stability is good news for borrowers and homebuyers applying for mortgages although they are being warned to ensure that they can meet any future interest rate rises.
We have seen an increase in demand for our property-related services in 2014, our 25th anniversary year. This includes a 40 per cent rise for our surveys.
With our recent acquisition of the well-known Veness Chartered Surveyors company, it means we have even more expertise at our fingertips to supply the whole range of property related services.
Our friendly and experienced team provide high quality land and property surveys, as well architecture, design, project management and related property services for homebuyers, homeowners, business, landowners and developers.
Don’t forget you can call us on 02392 697193 or email [email protected] for a informal conversation or visit the services section of our website.
You can also follow us on Twitter @McAndrewMartin, like us on Facebook and follow us on LinkedIn.
Visit http://www.bbc.co.uk/news/business-29811681 for more about interest rates.

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