Propertymark comments on speculation of Bank of England interest rate rise

Nathan Emerson, CEO of Propertymark , the UK professional body for estate agents, comments on the current speculation (2 February 2023) of Bank of England interest rate rise.

Nathan Emerson

Nathan Emerson says:

“We of course are seeing challenges within the market as the cost of people’s mortgage payments are in some cases a lot higher than they have been traditionally used to.

“However, due to the demand for homes continuing to outweigh the number of properties available, this is fuelling a more stable market.

“With Banks stress testing people’s finances for many years, arrears and repossessions aren’t drastically increasing and we are therefore seeing a levelling out of the market and a return to more normal levels of housing transactions.”

Kindly shared by Propertymark

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