Interest Rates & The Housing Market
The Bank of England held rates this month at 5.5%.However, with the economy expanding at the fastest pace in three years in the first quarter and the lowest level of unemployment for 18 months, a majority of economists surveyed by Bloomberg expect rates to increase by August.
This is despite signs that the housing market is cooling. The latest Halifax housing survey shows house prices rose just 0.3% in May, pulling the annual inflation rate down from 10.9% to 10.6%.
According to the Halifax, this is clear evidence that the property market was reacting to the four increases in interest rates since last summer. The Halifax now puts the average UK house price at £196,893.
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