INTEREST RATE HIKE COULD HAVE IMPACT ON FUTURE OF UK PROPERTY SALES


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Those across the UK who have become accustomed to stable, low-interest rates will now need to prepare for the possibility of increased fluctuation, property experts warn.

This month the Bank of England announced interest rates will rise from 0.25 to 0.5%, marking a significant change in direction following almost a decade of record low-interest rates. And while this move is not surprising to most, it could come to the detriment to many first time buyers.

“Today’s interest rates rise announcement may not seem like a substantial increase, but it is highly likely that this will be followed by further increases over the coming years as the Bank of England puts an end to the almost decade of record low rates,” says Nick Marr, co-founder of property marketplace TheHouseShop.com.

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