The cost-of-living crisis is worrying the majority of us and homeowners are no exception. The Bank of England base rate has increased 13 consecutive times and now sits at 5.25%.
Since July 2023, the current mortgage rate for a 2-year fixed term stands at a whopping 6.78%, meanwhile the interest rate for a 5-year fixed term is 6.38%. For those who decided to use the standard variable rate (SVR) this has continued to climb to 7.67%. According to The Times, experts are predicting further rises in base rate to 5.75% by the end of 2023.
The Bank of England base rate correlates with the rate of inflation. The base rate is increased to limit the consumer spending, therefore stabilising the inflation. Bank of England typically reviews the base rate every six weeks or so and adjusts the base rate accordingly.
Despite the challenges facing today’s property market, our team continues to receive new instructions from homebuyers and existing homeowners. These include Condition Surveys, Party Wall matters, Project Management and Lease Plans. With the rising cost of living, it is important to seek expert advice before purchasing a property. A survey shows you any unexpected repairs and bills, so you can make an informed decision before committing legally. So, whether you are looking to buy a property or undertake works to your existing property, please do not hesitate to contact us.