Impact of Rising Interest Rate on UK’s Mortgage Market

There is no denying that the UK is going through a tough time at the moment economically. Inflation rates have now passed 10% which means that they are at their highest figure since 1982. In order to alleviate the rate of inflation, interest rates have also risen to 1%, which is marking the start of a potential period of recession. 



As the housing market stands, thanks to a period of ultra-low interest rates, borrowing mortgages has become cheaper and this has inflated the housing bubble across the UK. As a result, homeownership is becoming more difficult, and people across the country continue to seek help from professionals when trying to purchase a property. 


Unsurprisingly, people who are currently looking for a mortgage and people who are looking to sell their property are looking around for answers on how this is likely to affect them and how higher interest rates might impact the property market throughout the country. 


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Location: United Kingdom

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