Everything from mortgages to credit card debt and pensions areto be impacted by the biggest rate increase since 1995. This will be the third interest rate increase in three months and is a response to rising inflation.
I am no economist, but I do believe that we won’t be seeing a dramatic decline in property prices as seen in previous recessions. Over the last few years, what has been remarkable about the UK economy is that whatever has been thrown at it (including the pandemic) unemployment has remained low.
https://www.bbc.co.uk/news/business-62405037
Just 56 private landlords have been blacklisted and placed on the government’s rogue landlord register more than four years from its launch.
This number is a lot lower than expected and may be a result of lack of resources in some local councils and ongoing repercussions of the pandemic leading to insufficient inspections.
The Nationwide Building Society reported last week that house prices continued to climb in May, hitting an annual increase of 11.2%which pushed the average house price to £269,914.
According to their latest index it shows that annual UK annual house price growth slowed down in May from 12.1% in April due to the rising costs of living. However, prices were still up 0.9% month-on-month.
The tenth consecutive monthly increase has retained the annual price growth in double-digits.
