Blog Post

Biggest interest rate rise in 33 years … but smaller increases expected from here

Dewi Dewi Jones Nov 3, 2022, 13:00 PM
283_Dataloft_inform_Insight

On Thursday 3rd November 2022, the Monetary Policy Committee voted to raise interest rates by a further 0.75 percentage points to take interest rates in the UK to 3%. This is the biggest increase in 33 years to try and curb inflation.

Only last month, the prediction was that UK interest rates would rise by 1 percentage point in November, so the increase is smaller than the housing market was previously expecting as sentiment has calmed after the change of Chancellor and Prime Minister.

The HM Treasury Consensus Forecasts for 2023 anticipate inflation averaging 4.1% as a central scenario. Making a big change now should help limit the size of any further interest rate increases.

Oxford Economics expects interest rates to continue to rise gradually from here and peak at 4% in 2024 before falling by a percentage point each year thereafter to 1.75% by 2027. Source: Dataloft, Bank of England, HM Treasury, Oxford Economics

Load more comments
Thank you for the comment! Your comment must be approved first
comment-avatar

"They are truly the best"

- Paulina

"I would have no hesitation on recomending Gill and her team to manage a property or portfolio, in fact I think anyone would be mad to go anywhere else!"

- Barry

"Gill and Abbey were quick and efficient to get my place sorted"

- Charlene

"Any issues Peter Anthony have been spot on and Sean as been professional and helpful at all times"

- Ian

"We are very grateful for everything and wholeheartedly recommend Peter Anthony to anyone looking for outstanding property management services."

- Aman

"The attention to detail and commitment to customer service is remarkable."

- Asad

"Way better than my experience with other Estate Agents. Highly recommended!"

- Laurence

"Both very Knowledgeable about the all properties I was inquiring about"

- Joanne