Mortgage Rate to Stay
Well its been nice, I’m sure anyone with a mortgage will have enjoyed the mortgage rate staying at 0.5% for what seems like years (14 months ijn fact) but can the Bank Of England keep this rate for too much longer! The rate cannot stay that low forever and many fear that the rate will rise during hard times caused rising VAT and income tax rates. Banks have had to cut their cloth, and staff, and wont accept the status quo forever, looking ahead there will never be a very good time for a rise.
The average price of an English property has risen for the fourth month in a row to £219,704 with large increases in number of properties for sale and asking prices, it seems slow and steady is the name of the game for growth in 2010. Scotland is the only region of the UK which has seen the rising number of properties cause the average sale price to fall, with the biggest rises in the South of England at 1.1% overall.
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