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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 2 11 2007
| UK Interest Rate: 5.75% UK Interest Rates Forecast: Cuts unlikely before 2008 Barker Dampens Rate Cut Hopes Kate Barker is widely considered to be one of the 'swing voters' on the Bank of England's Monetary Policy Committee. That means that her vote may be particularly decisive when it comes to future interest rate decisions. In a speech to Southampton accountants this week, Barker seemed to suggest that she doesn't see any immediate need for the Bank to reduce interest rates. She stressed that she was still in 'wait-and-see' mode, saying that "evidence from business surveys and housing market indicators will be an important part of my judgment over the next few months about how far the downside risks to the outlook [for inflation] have increased". Ms Barker also observed that not all of the economic developments seen since August - when the credit crunch started - necessarily pointed to lower inflation. She cited a weaker pound as one example of potential inflationary pressures. The end result of the speech was to convince most economic analysts that she is unlikely to vote for a reduction in interest rates in the near future. This lessens the chance of any such cut being passed, increasing the likelihood that it will be 2008 before any changes are made. Homeowners Don't Understand Interest Rates While most people understand that lower rates mean lower payments (and vice versa), many homeowners don't have an accurate idea of just how much changes in interest rates will affect their monthly payments. A recent survey by credit rating agency Experian found that 70% of Britons don't know what effect a 0.5% increase in interest rates would have on a £100,000 interest-only mortgage. The correct answer is an increase of £40 - but 17% thought that it would be no more than £10 - and a further 19% expected it to be at least £80. This lack of understanding could go some way to explain why consumer credit conference remains extremely high, despite rising borrowing costs and credit standards. |
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