New clue on interest rates rise
Thinking of moving house or remortgaging? There’s been a hint that interest rates may rise later in the year.
The Bank of England, which is responsible for setting the rate, has indicated that we may see an increase in 2014 from the record low of 0.5 per cent.
Bank governor Mark Carney offered the clue in a keynote speech at the annual Mansion House dinner last night.
Many experts thought that rates wouldn’t start going up until the first half of 2015.
Mr Carney accepted that there was great speculation and said that an increase could happen ‘sonner than markets currently expect’ although there was no set timescale.
He also offered reassurance that any increase wouldn’t be a huge hike but would be gradual and limited.
The annual Mansion House dinner is attended by leading City and business figures.
Chancellor George Osborne also announced reforms to planning laws designed to increase the supply of housing.
The moves should provide permission for up to 200,000 new homes, as announced in the Budget earlier this year.
We’ve already launched our own land and new homes division to push forward developments across the south.
Mr Osborne also said that there was no immediate cause for alarm from the housing market.
We offer a range of surveys and support services – including our own inhouse structural engineer – for anyone moving home.
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Thinking of moving house or remortgaging? There’s been a hint that interest rates may rise later in the year. The…