Published: 02/08/2023 By Jon SummersIn response to the Bank of England raising interest rates, Jon Summers, Head of Agency at Symonds & Sampson sets out his expectations for the property market in the region.
"We expect the regional property market to remain buoyant despite the Bank of England’s expected increase in the base interest rate to 5.25%. Borrowing costs for mortgages and loans may be affected and some prospective buyers may remain cautious when entering the market, considering the extra cost of borrowing when making offers.
"Symonds & Sampson have launched several properties to the market in the last few weeks and demand from cash-driven buyers remains steady, and we continue to see an influx of national buyers, particularly those migrating from the southeast.
"The Bank of England Governor has stated that this increase was a carefully considered measure to ensure sustainable economic growth and maintain the bank's commitment to controlling inflation within its target range. The bank will closely monitor economic indicators and adjust the base rate as required in response to changing circumstances.
"If inflation drops, as predicted, rates may alter but we will see.
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Image: Langham House, Blandford. Sold August 2023