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Thursday 10th July 2008
As news filters through to the market that the Bank of England has held interest rates at 5%, the housing market is now holding its collective breath to see whether the likes of Halifax and the rest of the UK mortgage lenders will have the nerve to increase their fixed rate offerings. Even though UK interest rates have remained on hold for some time, the last few months has seen fixed mortgage rates creep higher and higher – all as a consequence of further problems in the money markets?
It will be interesting to see if the financial institutions of the UK look to increase rates further to protect their already plummeting profit figures, or will they bow to consumer pressure?
While the comments from the banks recently reporting profit figures for last year have been very downbeat, the proof is in the pudding and it will be interesting to catch the next round of half year figures which will show the true extent of the sector’s problems. Those hoping for a little respite in the short term may be sadly disappointed with the banks battling against shareholder anger and the consumer’s inability to continue financing rising mortgage and finance costs. |
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