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Anna comments on the interest rates pause

Writer's picture: Anna Clare HarperAnna Clare Harper

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It will be a relief to the two million households with mortgages on variable rates, or with their fixed rates coming to an end by the end of this year that base rates have been held this month.


However, we are not yet ‘out of the woods’. Inflation remains high, meaning that base rates are likely to rise further in 2023.


We can expect to see many property owners with now higher monthly interest payments selling.


Investors we work with are currently buying properties at up to 30% below peak 2022 house prices, though it is worth noting that peak values reflected a mini-bubble from reduced SDLT combined with very low interest rates through Covid.


Housing affordability is more significantly affected by base rate rises than by house price trends, so all eyes will be on the next rise which has a strong impact on affordability for homeowners and renters alike.


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