Mortgages Unaffected as Bank Rate Holds at 5.5%

7th June 2007

The Bank of England’s monetary policy committee today voted to maintain the official Bank Rate at 5.5%.  This is fantastic news for hard pressed home buyers with mortgages who have seen four consecutive 0.25% rises in the last 12 months. 

With the exception of the London bubble, fuelled by high city bonuses and the 2012 Olympics, it is clear that housing market has reached a turning point with the number of people looking to buy property considerably smaller than previously. 

The amount of property coming for sale in May was above average and there is now a far greater number of available properties for sale in Leeds, Wakefield and Wetherby than previously. 

We believe that the four previous interest rate rises have now had a braking effect on the housing market and there is no need for further rises.