The low-down on mortgage rates
And now some more (tentative) good news for house hunters and mortgage seekers…
In its August house price index, online estate agent Rightmove reports that London property asking prices have fallen for the first time in a year.
It reckons this trend could spread, bringing down house price increases to about the same rate as wage inflation – in other words, around 3 to 4 per cent.
This may seem depressing if you have a home to sell.
But if you’re a first-time buyer, trying to get that tricky initial foothold on the property ladder, it could be cause for celebration.
In fact, it could be something for all borrowers to shout about.
As Rightmove points out: “This… leads to the conclusion that the pressure on the Bank of England to raise interest rates again is reducing significantly.”
Fingers crossed…
