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The Bank of England today voted to keep the base rate at 5.75%. The move was generally expected as the Bank needs to strike a balance between keeping inflation under control but also not increasing the cost of borrowing money further following the Northern Rock crisis.
It is generally expected that the next move will be downwards, and not in the too distant future.
The Bank of England today voted to keep the base rate at 5.75% - the value it was raised to in July. This is good news for borrowers, after five rate increases in the last year. However, many commentators are expecting another rate rise before the end of 2007. This is because the Consumer Price Index at 2.4% - above the government's target of 2.0%.
The Bank of England today voted to increase the base rate by a quarter point from 5.5% to 5.75%. This will add around £16 to the monthly payment for a £100,000 mortgage that follows the base rate.
Despite 5 increases in less than a year, many market analysts predict that there may be another increase in 2007.
The Bank of England has voted to leave its base rate at 5.5% in June. This is good news for mortgage holders, however commentators widely expect another rate rise this year. The base rate has risen 1% since August last year, but inflation is still strong, so another rise may be necessary.
This afternoon Ruth Kelly, Communities Secretary, made a statement to the House of Commons regarding Home Information Packs (HIPs) and Energy Performance Certificates (EPCs). HIPs and EPCs will only be required for properties with for or more bedrooms from the 1st August though. The will only become mandatory for smaller properties as more assessors become available.
Another easing in the regulations is that until the end of 2007, sellers will be able to market their properties as soon as they have commissioned the packs, rather than having to wait until they have received them.