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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 10th November 2006
| UK Interest Rate: 4.75% UK Interest Rates Forecast: Rising to 5% shortly Inflationary Pressure Continues Continued inflationary pressure this week has seen the pound gain strength against both the Euro and the US dollar, pushing the exchange rate to over $1.90 to the pound. September and October have also seen an increase in the number of mortgage approvals and continued rises in house prices, adding to the concerns over current inflation levels. All this means that the case for an interest rise to 5% when the Bank of England's Monetary Policy Committee meets next week seems unassailable. More to Come? Indeed, many economists are now beginning to predict a further rise to 5.25% in the first few months of next year, as was recently suggested in a report published last week by the National Institute of Economic and Social Research.
Perhaps surprisingly, despite the likelihood of increases in interest rates, a survey by the Alliance & Leicester found that many mortgage borrowers were not concerned at the prospect of rate rises, with 45% of those surveyed believing that they could afford it, and 33% on fixed rate mortgages and thus unaffected. Coincidentally, figures from Mortgage Direct showed a 20% rise in buyers choosing fixed rate mortgages in the wake of August's interest rate rise, but other lenders have contradicted this. A survey carried out by UCB Home Loans revealed that 64% of mortgage intermediaries have seen no change in the popularity of tracker mortgages, with most buyers believing that interest rate rises would not be significant enough to cause problems. |
Latest UK Interest Rates Forecast
Interest Rates Forecast to 10/10/06
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