House price increases but market is still struggling

Nationwide have announced that house prices are seeing an increase however the shortage of houses and low mortgage rates are propping up the housing market.

The squeeze on household incomes is putting pressure on many households and producing a low confidence.

Variable rate mortgage holders will see their mortgage payments increasing after the Bank of England base rise which will only put even further pressure on many home owners.

Most lenders have already announced when they will be passing on the rate increase, with many stating it will take effect from 1st December.

The good news is many mortgage borrowers have been opting for fixed rate deals and currently there is only 40% on variable rates.

If you would like to discuss this, or any anything else, contact our advisers today on 01202 937444 or visit our other websites to speak to a mortgage broker in Reading or a mortgage broker in Bournemouth