How could rising interest rates affect the housing market around the UK?
monthly changeThe information you provided on your monthly payments would not be sufficient to pay off your mortgage within the number of years given.
After the mini-budget, financial markets were forecasting that the Bank of England's interest rate would rise above 6% in 2023. As a result, loans leave more room for prices to fall before borrowers are stuck with negative equity. Most recent borrowers have also had their ability to pay checked against interest rates even higher than the ones we're seeing at the moment.
Repossessions were suspended from March 2020 to April 2021 and, even in the year since restarting, have remained below 4,000. That compares with more than 20,000 in the years just before the 2008 crash.In the last two years, prices rose steeply - by about a quarter - across most of the UK.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Brand new: elegant four-bed new-build home hits the market for UK average house priceAs you’d expect from a new property, this house is modern and sleek in equal measure.
Read more »
This boxy house on the shores of Canada celebrates its site and makersThe Sandbox by Halifax-based Peter Braithwaite Studio, a boxy house in Canada’s New Brunswick, celebrates its site and makers
Read more »
Leeds woman had to call ambulance after youths lobbed concrete at her houseRobyn Brockie has been suffering from panic attacks as a result
Read more »
House prices: What happens when they fall?How could rising interest rates affect the housing market around the UK?
Read more »