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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 18 Apr 2008
| UK Interest Rate: 5.00% UK Interest Rates Forecast: Possible cut in mid-late summer Bank of England Cuts Interest Rates - But Will It Make Any Difference? In a widely-expected move, the Bank of England's Monetary Policy Committee cut the Bank Base Rate to 5% at its April meeting. While the cut was welcomed by businesses and banks, there is considerable doubt over whether it will actually have any effect on mortgage rates, which are largely determined by the LIBOR - the interest rate at which banks and building societies lend to each other. The LIBOR (London Interbank Offered Rate) has been considerably higher than the base rate for some time and remains so. To illustrate the scale of the problem, just hours after the Bank announced it was reducing the base rate to 5%, four major UK mortgage lenders announced that they were increasing their mortgage rates. The last two weeks have seen a large number of UK lenders increasing mortgage rates and fees and has also witnessed some of the most competitive lenders withdrawing from the mortgage market temporarily, stating that they don't have the lending capacity to meet demand for their 'best buy' mortgages. This latest bank interest rate cut shouldn't do any harm - but homeowners should not necessarily expect to benefit from it, either. RBOS Predicts Rate Cut To 4.5% By 2009 One of the UK's largest banks, the Royal Bank of Scotland, has forecast that the Bank of England will cut the base interest rate to 4.5% by 2009, in response to continuing economic pressures. RBOS economist Ross Walker said that following April's cut, he expects to see a "further quarter-point cut to follow in the summer" and a final 0.25% cut in the first quarter of 2009. The comments were made in response to a statement by BoE Governor Mervyn King that there had been a "marked" change in economic conditions in the UK. |
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