Interest rates won’t rise this year

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12 Feb 2015

74% don’t think interest rates will rise this year

Author: Vincent Courtney

Nearly three in four people don’t think interest rates will rise this year, according to Romans’ latest property poll.

74% of the people who took part in the poll on agreed with the statement ‘I don’t think interest rates will rise this year.’ Controversially, many reports suggest the Bank of England will increase its base rate in the second half of 2015, waiting until after the general election in May.

“Unfortunately no one knows when rates will rise, or by how much” comments Vincent Courtney, Managing Director of Sales at Romans. “Some experts predicted a small rise at the latter part of 2014, which didn’t happen, and some are now suggesting we won’t see any movement until 2016.

“What we do know is that interest rates can have a big impact on your mortgage repayments, and with rates remaining at record lows of 0.5% since March 2009, is it really worth the risk of waiting to see what happens to interest rates, if you’re thinking of moving?”

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More reasons to sell now:

  1. Strong demand for homes

There will always be inquisitive people who are interested in what's on the market but not serious about buying. If you put your house on the market before spring you're more likely to attract serious buyers and not time-wasters.

On top of this, Rightmove has just announced that visits across its platforms hit 100 million for the first time last month. This means that more home hunters than ever before searched for and researched property – don’t miss out on the high footfall!

  1. Demand continues to outweigh supply

The housing supply naturally shrinks during the winter so the choices for buyers are more limited, meaning more competition and often resulting in optimum house prices being reached. Don't wait until the spring when there will be a lot more competition.

  1. The selling process is quicker

The time it takes from accepting an offer to exchange of contracts can dramatically decrease during quieter periods. Bear this in mind, and if a fast sale is important to you then now might be the right time to put your house on the market.

Remember, Romans Move Managers handle all of the communication between the third parties, once an offer has been accepted. This includes talking to the lawyer, lender, buyer, seller and the estate agent and pushing the sale through as quickly and seamlessly as possible.

Request an up to date property valuation or contact Romans on 0808 274 3250 to find out more about selling in 2015.

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