A Bank of England interest rate rise would have a cooling effect on the mortgage market, an expert has predicted.
The monetary policy committee could be set to raise the base rate by 0.25 per cent today (November 9th 2006).
Over recent years it has become more difficult for many UK residents to find a mortgage ; research from Abbey revealed that 7.4 million believe the price to be a prohibitive factor.
Nick Gardner, director at Chase De Vere, believes that an interest rate rise could make it easier for some Britons to find a mortgage.
"The property market will slide, including the growth in London and the south-east," he remarked.
"We may well see a lot of sellers who already have their properties on the market having to readjust their asking price."
These views were echoed by Halifax economist Martin Ellis, who claimed that a reduction in consumer credit growth brought on by a base rate rise would "contribute to a slowdown in the housing market".
Expert makes mortgage prediction over interest rates
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Expert makes mortgage prediction over interest rates
Thu, 09 Nov 2006
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