Bank decision could help conservatory owners
Yesterday's (August 5th) decision to keep the base rate of interest steady could have a positive impact on Brits who have bought a bespoke conservatory in order to boost their property's appeal to buyers.
The Bank of England's Monetary Policy Committee opted to keep the base rate at 0.5 per cent for another month, meaning it has stayed the same for almost a year-and-a-half.
According to Savills, a prolonged period of low base rates should help bolster the property market by ensuring there are no major falls in value.
Director Lucian Cook suggested that house price rises can be expected next year if the economy returns to pre-recession levels of output and mortgage lending.
"If those two things happen at a time of low interest rates then, given that mortgage affordability is so high, I think that will translate into some pretty decent house price growth and much more sustained house price growth than we saw last year," he said.
However, the decision to hold interest rates has not been unanimous at some of the recent MPC meetings, which could suggest a change in policy is on the cards soon.
Posted by Ashley Ault
Bank of England keeps 0.5 per cent rate
Homeowners considering taking out finance in order to fund a bespoke conservatory, pool house or garden studio may be pleased by today's announcement from the Bank of England. Its Monetary Policy Committee (MPC) voted to keep the base...
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