Bank of England Interest rates and the housing market

Phillips George
27 September 2023
Buying | Estate Agency | Selling

The Packhorse Bridge at Anstay, Leicestershire

Reaching the top

As The Bank of England decides not to increase base rates for the first time in many months, a cautious sense of relief is spreading in the housing market and among owners with mortgages and in the housing market.

It is far from a done deal, but no more interest rate hikes are expected for the rest of the year and things are looking a bit less gloomy for home owners and buyers. The Guardian reports that for the first time it is cheaper to lock in a long-term mortgage deal than go for a short-term deal.

Very interest-ing

Clare Phillips, Partner at Phillips George recommends you do your homework and speak to a good mortgage adviser before deciding on your mortgage deal: “Even if you are well versed in the mortgage market, things have changed so much in recent weeks it is a good idea to assess your options, seeking out expert advice.”

A glass half full

Interestingly, the decision of the Bank of England not to increase interest rates has been viewed differently by different media outlets.

Clare Phillips says; “While some newspapers are positive about the interest rates news, others put a less positive spin on the story, including the Daily Express which berates the Bank of England for not decreasing interest base rates.”

The Economic Observatory is taking a more balanced view, predicting that inflation rates will gradually fall over the next few years with interest rates following suit. “The current situation requires some patience.” says Clare, “There is no magic fix that will sort out the current mess, but time and solid economic and political decision-making will get us back on track.”

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Clare Phillips
Clare Phillips, Partner
Clare has been in the industry since 1998. Her career started as an administrator and she has worked through each role in estate agency from negotiator, sales progressor, valuer, manager and culminating in opening Phillips George as a co-founding partner. Through Clare’s career she has obtained professional qualifications with both NAEA (national association of estate agents) and ARLA (association of residential letting agents) to ensure that she delivers a first class service to all of her clients. Clare’s favourite part of estate agency and lettings is helping customers achieve their goals and making the process as smooth as possible for them.