What would interest rate rises mean for Portsmouth?
Interest rates can sometimes seem like a national obsession.
We’ve enjoyed record low rates for some time now, which have helped homeowners with mortgages and businesses with investment following the worst recession in living memory.
Firstly, let’s be clear we’re not expecting a big hike in interest rates.
If and when it does come, it will probably be by a quarter of one per cent and any subsequence increases are likely to be of a similar size over a period of years.
Our latest Portsmouth Property News briefing gives an excellent insight into how much typical mortgages may cost if rates do slowly rise.
As it says, even if we do see a rate rise soon it would be unlikely to unsettle the market dramatically.
The briefing also includes some interesting insights into price changes for different types of properties over the past three years, a breakdown of sales by house type and age profiles of local people.
It’s essential reading for anyone seeking to buy or sell a property. Now is a fantastic time if you are thinking about buying or selling a home so please don’t hesitate to get in touch.