Property News

Friday, January 12, 2007

January Interest Rate Rise

The Bank of England raised rates to 5.25% on Thursday, making it a miserable start to the new year for many home owners.

The Bank's Monetary Policy Committee said the move was necessary to control rising inflation and bring it back towards its 2% target. Soaring house prices have meant that many first time buyers are simply priced out the market, but will increasing interest rates help them if they are having to pay more per month on mortgage repayments.

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