Growth in the housing market is showing the first signs of slowing down, according to a financing analyst at one of the UK's largest mortgage lenders.
Yesterday, the Bank of England's monetary policy committee decided not to alter interest rates in March 2007 - meaning they will stay at 5.25 per cent for the third successive month.
It comes after the Bank decided to increase the base rate by a quarter of a percentage point in August 2006, November and again this January.
Commenting on the decision, Ray Boulger, senior technical manager at mortgage specialist John Charcol, said that the recent rises are beginning to have an effect upon demand for UK properties.
"Early signs of a slowdown in the rate of increase in prices are emerging as the impact of the three recent bank rate increases puts more pressure on prospective purchasers," he explained.
Following the base rate rise in January, many mortgage lenders chose to withdraw low fixed-rate mortgage deals.
The change also meant many people with tracker mortgages were left facing increased monthly repayment costs.
Housing market slowing down, mortgage lender indicates
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Housing market slowing down, mortgage lender indicates
Fri, 09 Mar 2007
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