Mark Carney
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Latest property news
BLOG: Carry On Banking… starring the Bank of England Governor!
Glentree Estates boss Trevor Abrahmsohn ponders the state of play at the Bank of England – more like a script for Carry on Banking than a serious institution?
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Latest property news
Celebrity homes sell or rent for 10% more, claims starry estate agency
Aston Chase has plunged into the much-contested debate on celebs and how much they really contribute to property value.
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Latest property news
Interest rate rise – will it turn the dials in the housing market?
The decision by the Bank of England’s Monetary Policy Committee (MPC) to introduce an interest rate rise of 0.25% a percent to 0.5% in order to keep inflation in check was applauded in most business circles as a prudent first move to ‘sensible’ interest rates after nearly eight years of rock bottom rates. The move is intended to dampen down the economy mildly and rein-in inflation, which currently stands at 3% and is expected to peak higher than that before the MPC’s measures kick in. Bank of England Mark Carney said the inflation increases were due largely to the weakening of Sterling following the Brexit vote. “The decision to leave the European Union is having a noticeable impact on the economic outlook,” he said. “We need to support the economy during this adjustment process.” But what does the property industry think of an interest rate rise? Russell Quirk of eMoov, who was first out of the blocks into the news studios yesterday, said the rise would only add £16 a month the average mortgage holder and would be “water off a duck’s back for those with a fixed rate security blanket”. But what did the rest of the industry think.…
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Housing Market
Homeowners urged to factor in interest rate rise
People thinking of buying a home or remortgaging their existing property should budget for a potential interest rate increase in the coming months after the Bank of England signified that it expects to see interest rates rise sooner rather than later. UK interest rates have remained at a record low of 0.5 per cent since March 2009, and although any hike to the rate would be dictated by economic data, including wage growth and productivity, over the next few months, the Governor of the Bank of England, Mark Carney (left), did last week admit that the time for an increase is ‘drawing closer’. It is not clear when the rate rise may occur, but Nicholas Leeming (right), Chairman of agents Jackson-Stops & Staff, is urging homeowners not to take any chances. He said, “Mark Carney has been careful to flag that interest rates will edge higher in the longer term as the economy continues to grow and inflationary pressure on wages increase. “Property buyers should recognise that rates will move towards more sustainable, long term levels and so budget for higher mortgage costs accordingly. Vendors should be aware that any such increases will create resistance to overly high guide prices.”…
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