Base Rate holds steady at 15 year high

The Bank of England Base Rate has remained unchanged with today’s announcement that it will stay at 5.25 per cent, the 15 year high that’s held since September

That should be good news for the many fixed rate mortgage holders who are due to see their two or five year deal expire in the next few months. It’s unlikely given current residential property market conditions that mortgage interest rates will rise. In fact they should continue to hold steady or decrease given that not enough people are borrowing new money in order to move house.

In fact there’s some indication that property prices decreases may have halted, perhaps temporarily, because October showed a slight rise. In monetary terms it’s not much to get excited about but it is a positive nevertheless.

The reason behind it is that insufficient supply in the market is prompting those who need to move to be bolder in their offers. The downside – there’s always one to an upside – is that if you are marketing your home because you have to move then although you may get more you could also have to pay more.

Here at Randalls Residential in Basingstoke we hope that the time will eventually come when home ownership is seen as providing a place to live instead of some investment that invisibly piles on value while you also benefit from using it.

Now that those who have taken advantage of this exponential rise in values see their children priced out of the market there’s more incentive for a change in mindset and that, in turn, will make it a healthier market longterm.

To find out how much your home in Basingstoke or the surrounding villages might now be worth try Randalls Residential Estate Agents in Basingstoke free online valuation FREE INSTANT ONLINE VALUATION 

Alternatively give Simon or Ben at Randalls Residential Estate Agents in Basingstoke a call on 01256 345635 or email sales@randallsresidential.co.uk