Wednesday, 10 August 2022

Interest rate rise ‘unlikely’

BANK of England governor Mark Carney grabbed headlines last week with speculation over rising interest rates now that Britain’s economy has improved much faster than experts had predicted.

Although talk of rising interest rates tends to make homeowners jittery, Strutt & Parker, which has an office in Pangbourne, believes a rise is unlikely to happen in 2014.

Michael Fiddes, head of agency at Strutt & Parker said: “The UK housing market has been decisive to Britain’s recovering economy, and something the government will be unlikely to risk before next year’s election.”

Latest employment figures, coupled with our fastest economic growth rate since 2007, have left many to speculate if Mr Carney will bring forward his planned interest rate rise.

Any changes to the current record low of 0.5 per cent, in place since March 2009, will have a direct effect on homeowners and those on interest-only mortgages.

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