Property listings have fallen in the month of July as estate agents see a dip in the number of residences which are up for sale. New property listings fell more than 5% across the country as London also experienced a drop in total listings for sale. The capital city posted a decline of almost 13% month on month. It is typical in this time of the year to see listings fall slightly so housing experts are not overly surprised to see the change in the number of house listings for sale.

The Bank of England’s Monetary Policy Committee (MPC) did what few thought they would on Thursday and increased the standard base interest rate. It wasn’t a complete surprise, but it is expected that there were many homeowners that were caught off guard. For those that have their mortgage deal attached to their lender’s standard variable rate (SVR) they might soon find themselves paying more than they have to in comparison with the savings that could have been found with a remortgage.

In the most recent meeting of the Bank of England Monetary Policy Committee, the standard base rate was increased from 0.5% to 0.75%. This increase places the base rate at a level now equal to that of the rate which was present in March of 2009. This is only the second time in a decade in which the standard base rate was increased. Many close to the UK housing market were expecting such an increase, especially following the delay in the hike of interest rates during the May meeting earlier this year. Many house owners are wondering at this time, is it too late to remortgage?

The Bank of England Monetary Policy Committee during its August meeting yesterday voted to increase the standard base rate from 0.5% to the new level of 0.75%. This increase was expected by many close to the housing market since the May meeting this year resulted in a vote to keep interest rates at the same level at that time which was 0.5%. This increase in the base rate equals the rate last seen in the year 2009.

Today, the Bank of England’s Monetary Policy Committee (MPC) will vote on whether the UK economy could benefit from an increase to the standard base interest rate. If they do increase the rate it is expected that it will be increased by 0.25%. That will bring the Bank’s rate to 0.75% which will be three times the level the rate was at this time last year.

UK house prices rebounded in the month of July and increased modestly. House prices grew 0.6% month on month compared with figures in June, according to data from Nationwide. House prices were forecasted at the beginning of the year to increase only 2-3% overall for the entire year. Annual average rate of house price growth has been consistent at 2-3%. House price growth is expected to remain subdued for the rest of the year.