House prices in the UK are going up. This is good for those who have invested in a home but things aren’t perfect. There is still pressure on the market which means things might not stay the way they are. The prices aren’t a sure thing. Real estate never is but tends to be safer than other things in which you can invest. You just have to watch the market so you know when to buy and when to sell.
- According to Lender, a shortage of homes on the UK market combined with very low mortgage rates is putting a squeeze on buyers’ household incomes.
- On Thursday, The Bank of England could raise interest rates for the first time in over ten years, which would affect variable rate mortgage holders.
- According to Gardner, the number of outstanding variable rate mortgages in the UK is at a low of 40%, compared with a high of 70% in 2001.
“The Bank’s Monetary Policy Committee is expected to raise rates to 0.5% from a current all-time low of 0.25%, putting further pressure on household budgets that are already stretched as prices rise faster than wages.”
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