Rate rise signals another step closer to normality for the UK property market🏡
While demand remains at record levels and supply tight, the Bank of England's decision last week to raise the base rate to 0.755 is a step closer to normality for the UK housing market, according to the latest insight from Knight Frank.
The last time the rate was as high was in March 2020, before the pandemic triggered a prolonged stamp duty holiday, a supply squeeze and double-digit house price growth.
Knight Frank suggest that it is premature to say prices will now slow down notably, however, an annual increase of 12.6% recorded by Nationwide in February doesn’t feel like it has a long shelf-life, particularly when you factor in the cost-of-living squeeze. To continue reading, please Click Here