What will the increase in interest rates do for the North East property market?
The Bank of England has increased interest rates 9 times in the last 12 months from 0.1% to 3.5%, yet the property market is still relatively strong (despite those increases).
This tenth rise from 3.5% to 4% will obviously make a small difference, as will the cost of living crisis and other factors.
The point is, whilst interest rates have been increasing quickly over the past 12 months, mortgage rates have been going down since November 2022.
This can only be good news for home buyers and people coming to the end of the fixed rates.
If you have any thoughts or concerns with regard to the property market or your mortgage, do not hesitate to give us a call at Sarah Mains Residential on 0191 487 8855.