Many economists do not expect UK interest rates to rise until 2019, and they believe that the Bank of England’s Monetary Policy Committee (MPC) will be reluctant to raise interest rates during Brexit negotiations.
The Bank of England have dropped interest rates to an all time low of 0.25%
So what does that mean to you and me? Well it means that there will be a little bit more money in people’s pockets and borrowing money is a bit cheaper. We have been stable at a half percent interest rate for around seven years now and lets face it it, it is not any major surprise that the Bank of England has done this….
It won’t come as a surprise that the recent referendum decision ground the Norwich housing market to a standstill. BUT… Three weeks on it is a completely different scenario. We are experiencing a far higher level of valuation requests and we are seeing significantly more property coming onto the Norwich property market.