House Price Spy Blog

The Bank Of England has held the mortgage lending rate for June 2008 at 5%, holding for a second successive month. The BOE has slowely decreased the rate from a peak of 5.75% in August 2007.

Whether this will increase consumer confidence enough to breath life into the UK property market will remain to be seen…although the rate can be reduced as much as they want if no-one is buying property and lenders are not giving any decent mortgages out then things will never change.

As always the Bank Of England site has all sorts of facts and figures which are interesting and informative, plus you can get the latest mortgage, inflation and other announcements hot of the presses!

The next rate announcement will be given on the 10th of July 2008.

The bank of England has left the mortgage rate unchanged for May 2008 at 5% as expected in many quarters. This is the second hold in 3 months with the trend reduction - hold -reduction - hold.

Many people expect a drop next month to combat a slow in growth in the UK economy, with 3 cuts in the rate in recent months it is fair to expect another one in June. With the US facing a full-on recession the UK legislation makers will want do everything they can to avoid joining them….

Get the announcement for June 2008 direct from the source on 5th June 2008 from the Bank Of England