Archive for 2007

The Bank of England today voted to increase the base rate by a quarter point from 5.5% to 5.75%. This will add around £16 to the monthly payment for a £100,000 mortgage that follows the base rate. Despite 5 increases in less than a year, many market analysts predict that there may be another increase in 2007.

The Bank of England has voted to leave its base rate at 5.5% in June. This is good news for mortgage holders, however commentators widely expect another rate rise this year. The base rate has risen 1% since August last year, but inflation is still strong, so another rise may be necessary.

This afternoon Ruth Kelly, Communities Secretary, made a statement to the House of Commons regarding Home Information Packs (HIPs) and Energy Performance Certificates (EPCs). HIPs and EPCs will only be required for properties with for or more bedrooms from the 1st August though. The will only become mandatory for smaller properties as more assessors become available.

Another easing in the regulations is that until the end of 2007, sellers will be able to market their properties as soon as they have commissioned the packs, rather than having to wait until they have received them.

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The Bank of England has today voted to increase the base rate by a quarter of one per cent to 5.5%. This has brought the rate to its highest level since 2001. With inflation still higher than desired, the move was widely expected. In terms of mortgages, if your interest rate follows the base rate, then you can expect an increase of around £16 for very £100,000 you have borrowed.

The Halifax has released data showing that house prices rose, on average, by 1% in March. Overall prices have risen by 2.8% in quarter one of 2007. March’s figure brings the annual rate of house price growth to 11.1%.

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