Interest rate forecast

In this speed read we take a quick look at interest rates

The low interest rate environment the UK has experienced for over the past decade is set to remain, although rates are anticipated to rise.
The consensus forecast, based on the expectations of 18 different city and non-city analysts, expects interest rates will nudge slightly higher over the final quarter of 2021, ending at 0.12%.
The base rate of interest has been 1% or lower since February 2009 when rates were slashed in the wake of the Global Financial Crisis. Rates may well rise back to 1% in 2024.
The cost of borrowing remaining low is positive news for the housing market and those with a mortgage. The current average mortgage rate is just 2.05%, a historic low (Bank of England).
Source: Dataloft, consensus forecasts, August 2021

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Bank of England Cuts Interest Rates – What It Means

The Bank of England’s latest rate cut to 4%—its lowest in two years—offers a boost to buyer confidence and affordability. With UK home sales up 7.5% year-on-year, the move is expected to support stability in Attleborough’s housing market, though the pace of mortgage rate changes may remain gradual.

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