Is now a good or bad time to sell your home as mortgage rates rise and house prices fall?
manchestereveningnews.co.ukThose looking to sell their homes this year may be left wondering what's best to do amid the current mortgage crisis. Millions of homeowners are seeing this monthly repayments soar as a result of the recent interest rate hikes.
As of yesterday (August 3), the base rate now stands at 5.25 percent after the Bank of England raised rates by another 0.25 percent - marking the 14th consecutive rise and the highest level seen since March 2008.
This is having a direct impact on those a variable rate mortgage or a fixed-rate deal coming to an end. House prices however are falling, with the average price tag on a home across the UK going down by £905 month-on-month in July, according to Rightmove.
This is often good news for those hoping to snap up a more affordable home, but bad news for sellers. Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features. The uncertainty over mortgage rates and house prices means any potential house sellers now have some careful weighing-up to do, with some thinking twice about taking the plunge to sell right now.
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