Jason Tebb, Chief Government Officer of property search web site OnTheMarket.com, feedback on the newest rate of interest rise

Following in the present day’s Financial institution of England Financial Coverage committee (MCP) determination to lift rates of interest by 0.5 share factors to three.5%, our Chief Government Officer, Jason Tebb, shares his ideas on how this may occasionally impression the housing market.

“This 50 basis-point rise, taking charges to three.5 per cent, was broadly anticipated by the cash markets given double-digit inflation. Nevertheless, the ninth charge rise in as many conferences will additional exacerbate more and more stretched affordability and is sure to have an effect on the arrogance of the typical property-seeker.

The housing market continues to rebalance by way of provide and demand, with the aspiration to purchase property remaining regardless of all the things. Folks transfer for various causes and that isn’t going to vary, even when market circumstances are more durable.

These critical about promoting should keep in mind the worth of an skilled native agent and the significance of realistically pricing their residence. This may guarantee they market their property on the proper value, with the transaction steered by means of to profitable completion, even when it takes a little bit longer as seasonal elements additionally come into play.”

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