Sudden interest rate rise will hit recovery UK property market, it is claimed | Europe | News
If the UK economy improves later this year the Bank of England could be forced to make a series of sudden interest rate raises that could unbalance the property market, experts warned.
The decision today (Thursday June 09) by the bank’s Monetary Policy Committee to leave interest rates at a record low of 0.5% despite inflation running at more than twice the target rate of 2% has not come as a surprise.
But it could be storing up trouble ahead for people with larger mortgages and first time buyers. ‘There are still serious concerns about consumer spending and the full effects of the fiscal tightening measures that were implemented in April are not yet fully known. However, if the economy turns a corner the MPC could be forced to make a series of sudden rate rises which could unbalance the housing market,’ said Jennet Siebrits, head of residential research at consultants CB Richard Ellis.
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