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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 2nd February 2007
| UK Interest Rate: 5.25% UK Interest Rates Forecast: Further 0.25% rise likely in the next few months Bank of England MPC Divided Over Rate Rise The publication last week of the minutes of the most recent meeting of the Bank of England's Monetary Policy Committee reveals that the members of the committee were not unanimously in support of the January base rate increase, voting 5 to 4 in favour of the rise. However, it appears that all members were in agreement about the need for the rise – the disagreement was over its timing, with some members supporting delaying the rise until at least February. This leaves the timing of any further rises, still seen as likely by the markets, in some doubt. While a majority of city economists expect at least one further rise, taking interest rates to 5.5 per cent, there is widespread uncertainty as to its likely timing. Future inflation figures are certain to play some role in the timing of any future increases, but for now no one is committing to any definite predictions. RICS Expects Market To Soften As Affordability Continues To Worsen The Royal Institute of Chartered Surveyors (RICS) has published a study which shows that it expects higher interest rates to begin to have an effect on the housing market over the next few months, especially for first time buyers. Both those who have recently entered the market and those seeking to do so are likely to be affected, according to economist David Stubbs, "January’s surprise interest rate rise is likely to soften new buyer enquiries in the coming months but those buyers who have already taken the housing market plunge could find mortgage companies knocking at their doors in the near future as affordability conditions bite." Almost 1 per cent of Britain's 11.65 million mortgages are currently in arrears, according to the RICS study. |
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