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Latest News
09th December 2011 - The Bank of England’s Monetary Policy Committee has voted to keep base rate at 0.5 per cent and the last rate change was on March 5, 2009, when it was reduced from 1 per cent to 0.5 per cent.10th November 2011 - The Bank of England’s Monetary Policy Committee has voted to keep base rate at 0.5 per cent and the last rate change was on March 5, 2009, when it was reduced from 1 per cent to 0.5 per cent.
06th October 2011 - The Bank of England’s Monetary Policy Committee has voted to keep base rate at 0.5 per cent and the last rate change was on March 5, 2009.
4th August 2011 - The Bank of England bank rate has been held at 0.5 per cent for the 29th month in a row and quantitative easing has been kept at £200bn.
The last rate change was on March 5, 2009, when it was reduced from 1 per cent to 0.5 per cent.
7th July 2011 - Bank of England maintains Bank Rate at 0.5%.
10th June 2011 - House prices rise just £20 in May as homes become more and more affordable according to the latest LSL/Acadametrics House Price Index.
09th June 2011 - Bank of England maintains record Bank Rate at 0.5% and the size of the Asset Purchase Programme at £200 billion. The Bank of England's Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.
13th May 2011 - Number 13 – Unlucky for some but it could save you £4,000.
Being superstitious comes with a hefty price tag, according to new research from property website Zoopla.co.uk. The data shows that ‘unlucky’ number 13 homes are worth £3,924 less on average than their identical neighbours Zoopla.co.uk reveals that the average value of homes in the UK with number 13 as the address currently stands at £205,085 compared to an average of £209,009 for the surrounding numbers 11, 12, 14 and 15. The data also shows that numbers 1 and 2 are the most valuable addresses typically occupying corner or end of terrace locations and that house prices gradually decrease as address number increases.
05th May 2011 - The Bank of England has again held rates at 0.5% amid signs the economic recovery is failing to gather momentum.
7th April 2011 - Bank of Eng;land holds the Base rate at 0.5% for the 25th month! Probably due to a slow and weak UK economy. This was expected by most and I do not see the Base Rate increasing until September 2011 (quote from Steve McAvoy of Mortgage Help Scotland Ltd....)
10th March 2011 - The Bank of England interest rate has been held at 0.50% for the 24th month in a row. Today's decision is two years to the day since the Bank first cut rates to their historic low in March 2009 and comes as the Bank's Monetary Policy Committee remains deeply divided on policy. The media seem to have got it wrong again for the 24th month and long may this continue as most of the UK public do not wish to see rate rises for now.
Most lenders are playing around with setting their fixed rates up one week then down the next week, therefore you need to keep in contact with your mortgage broker to keep up to date with latest fixed rates available. For the latest best buys try our new Mortgage Search facility on our website.
7th March 2011 - We have today launched our new Mortgage Sourcing and Best Buys Mortgage software which allows you to look at the best deals and search the best mortgage for your present requirements. Click on Mortgage Search section or Best Buys section for more details.
10th February 2011 - Bank of England hold Base Rate at 0.50% for the 23rd month.
7th February 2011 - Mortgage Help Scotland Ltd are delighted to announce our new Polish speaking Mortgage Adviser Robert Brudnowski who is now available to give advice on mortgages; protection and general insurance either at our office address or at your home address. Robert can search the Whole of Market for the most suitable mortgage and insurance. The advice is Fee-Free as we do not charge a Broker Fee.
13th January 2011 - The Bank of England interest rate has been held at 0.50% for the 22nd month in a row.
05th January 2011 - Happy New Year and All The Very Best to One and All in 2011.
9th December 2010 - The Bank of England interest rate has been held at 0.50% for the 21st month in a row.
4th November 2010 - The Bank of England interest rate has been held for the 20th month in a row.
7th October 2010 - The Bank of England interest rate has been held at a widely-expected 0.5% again for the 19th month in a row.
9th Sept 2010 - The Bank of England interest rate has been held at a widely-expected 0.5% again for the 18th month in a row. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009.
05th August 2010 - The Bank of England interest rate has been held at a widely-expected 0.5% again for the 17th month in a row. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009.
01st July 2010 - The Bank of England has voted to maintain the base rate at 0.5% for the sixteenth consecutive month. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009.
10th June 2010 - The Bank of England has voted to maintain the base rate at 0.5% for the fifteenth consecutive month. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009. David Bexon, Managing Director of SmartNewHomes.com, comments on today’s decision to keep interest rates at 0.5%:
The Monetary Policy Committee’s decision to maintain the base rate at its historic low of 0.5% for the fifteenth consecutive month is continued good news for existing home owners and should give confidence to those who are yet to enter the market.
The housing minister’s pledge this week to increase home ownership levels needs to work hand in hand with an easing of lending criteria, particularly for new build properties. We will be looking to Mr Shapps to follow up his query over why the banks aren't lending to the quarter of a million people who can afford to pay back a high loan to value mortgage, with interest.
30th May 2010 - Steve McAvoy comments this month on the mortgage and property market are as follows: -
House prices are now less than 10% below their October 2007 peak and it looks like they increased by 0.5% in May meaning that house price annual inflation is now running at 9.8% with the average house price is now £169,802. The two main factors that continue to lift house prices are a shortage of stock and low interest rates. The removal of HIPs has definitely seen more sellers come to market and so the stock shortage will ease in the coming months.
Rightmove has seen an extraordinary uplift of a one-third increase in instructions in the week following the suspension of HIPs, however, estate agents do not appear to be over-optimistic, seeing only a short-term opportunity to make hay while the sun shines.
The Bank of England has come under increasing pressure to raise the base rate due to rising inflation and there is increasingly a feeling among the public that the interest rate reprieve is coming to an end. When interest rates rise, housing activity and prices will become even more subdued. The Austerity Budget in June is also likely to be a pivotal moment for the property market and there is no doubt that many buyers are holding out to see how it will affect them before they commit to transact.
The mortgage market is quite similar to last month however some lenders have slashed some of their rates by up to 0.96% on some Tracker and Fixed rate deals.
If I was pushed into a corner to predict interest rates, I would imagine that nothing will happen during June as we will all be too busy watching the World Cup and we will have one eye on the June 22nd Budget so I would expect rates to remain the same for now. I believe this will mean further tweaking down the way of some fixed rate deals and more competitive 85% Loan to Value deals, however I would expect the 90% LTV deals to remain the same for now. I think inflation is not going to upset the apple cart just yet and for that reason I see rates at the Bank of England remaining status quo until at least November and my money would be on a 0.25% hike in November this year.
I look forward to hopefully a clearer and more positive picture in June and remember if you have any questions or funny stories then please do not hesitate to contact us via our website. Thank you and take care.
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