Bank of England Holds Interest Rates at 5.25%
21 September 2023
In a highly anticipated move, the Bank of England has decided to maintain its current interest rate at 5.25%. This comes as a notable development following a series of 14 consecutive interest rate increases that have been implemented since late 2021. This decision is timely, especially in the wake of a recent surprise easing in the inflation rate.
While interest rates haven't climbed higher, the reality remains that borrowing costs continue to impose a significant worry on many households.
For those preparing to refinance their mortgages in the months ahead, elevated interest rates remain a cause for concern. When compared to rates from just two or five years ago, the pause still represents a substantial increase in the cost of borrowing. The pressure on households to manage their finances efficiently and plan for these higher costs is more critical than ever.
The local property market in Dundee, Angus, and North Fife continues to show resilience. From June-August 2023, sales volumes have declined, but the average selling price across many areas has remained stable. Notably, over 77% of sellers in the region who are selling with a TSPC solicitor estate agent are securing a price equal to or higher than the Home Report value, with the current average premium standing at 101.9%. The median selling time has slowed slightly based on the same period in 2022 by four days, however sellers can still expect an average selling time of 18 days.
Angela Wallace, Manager at TSPC commented: “In the current economic climate, the importance of adopting a well-informed approach when entering the property market cannot be emphasised enough. With such extensive knowledge, there is no one better equipped to guide you on your next move than a TSPC solicitor estate agent.
“Our member solicitor estate agents are deeply immersed in the market on a daily basis, equipping them with unparalleled knowledge of local intricacies and how they influence the specific requirements of buyers and sellers alike, whether in property sales or assisting clients with property offers."