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Nationwide Forecasts Slowdown of Housing Market

Nationwide Forecasts Slowdown of Housing Market

The housing market has been on an upward surging trend since the beginning of pandemic lockdowns. What was expected to slow down buyers actually spurred rapid growth in demand for property. The lockdowns created what was called a Race for Space as buyers sought out more space both inside and outside in desired property purchases.

Remortgaging Demand Could Cause Slowdown of Process

Remortgaging Demand Could Cause Slowdown of Process

Homeowners are showing strong demand for remortgaging. Many are seeking financial relief from both current and future economic hardships due to inflation, the war in Ukraine, and the pandemic. The high rate of inflation has caused the Bank of England’s Monetary Policy Committee (MPC) to increase the standard base interest rate during the last four consecutive meetings. The rate has increased ten-fold from 0.1% to 1.0%.

Bank of England Warns of Harder Economic Times Ahead Due to Inflation

Bank of England Warns of Harder Economic Times Ahead Due to Inflation

Inflation has been a main topic in the news since the end of last year. Now with the calendar narrowing in on the half-year marker of 2022, it would seem it should be less and less of a concern, but it is not. Inflation is on the path to 10% which means it will be five times the target rate of 2.0% set by the Bank of England. Warnings have come from the Bank’s Governor Andrew Bailey that there are very real hardships in store in the months ahead.

Warnings of Financial Storm Ahead is Motivation to Consider a Remortgage Now

Warnings of Financial Storm Ahead is Motivation to Consider a Remortgage Now

The Bank of England has increased the standard base interest rate from 0.1% to 1.0% during its last four consecutive meetings. This is a ten-fold increase in less than six months. In simple terms, borrowing is now ten times more expensive than it was this time last year. Considering that inflation is taking more money from household budgets with fuel, energy, food, and other goods costing more, higher interest rates are another financial burden. 

Homeowners Should Be Concerned About House Prices

Homeowners Should Be Concerned About House Prices

Once home buyers become homeowners they tend to not pay that much attention to house prices. They have their home so why should house prices concern them. Actually house prices should concern homeowners because they do still have a connection to their current situation and by staying alert they can prepare when needed and take advantage of the situation as well.

Homeowners and Home Buyers to Face Stricter Affordability Reviews

Homeowners and Home Buyers to Face Stricter Affordability Reviews

Homeowners and home buyers will be facing stricter affordability reviews when seeking a remortgage or mortgage. Not only will the calculations include the higher costs of living, but also the now higher cost in borrowing. The Bank of England’s Monetary Policy Committee (MPC) last week increased the standard base interest rate to the highest level in 13 years. In December, the rate was at an historic low of 0.1% and by May it is now at 1.0%. This rapid increase comes as each of the last four consecutive MPC meetings resulted in a rate increase.

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