5th August 2016
All time low interest rates mean it’s a great time to buy!
The Bank of England cut interest rates yesterday, taking the base rate to a new low of 0.25%. This is the first cut since March 2009.
These all-time-low interest rates look to support mortgage lending and the purchasing of property for those in a position to take out a new mortgage.
The Council of Mortgage Lenders (CML) noted that since the last rate cut in March 2009, the average mortgage rate has fallen from 3.8% to 2.9%.
Buyers can therefore look forward to even more attractive and affordable monthly mortgage repayment costs!
Capital Economics has also forecasted UK house prices will rise by 2% in 2016, 2% in 2017 and 3% by 2018 – giving buyers another great reason to invest in property at this time.
Sources:Back To News