With Brexit dominating the news; you might not have noticed a warning of an increase in interest rates by Mark Carney 2 May.
The Head of the Bank of England said interest rate increases could be “more frequent” than expected if the economy performs as the Bank expects.
The markets are forecasting just one interest rate increase by 2021. However, Mr. Carney advised that even if there is no resolution to the Brexit impasse; if inflation and growth continue to pick-up, then more increases are likely and will be more frequent than the market expects.
The Bank kept interest rates on hold at 0.75% at its latest policy meeting in May, the same level since August 2018 but the Bank is expecting growth and inflation to pick up over the next two years.
So, if you are considering moving home or the impact that an interest rate rise this will have on your business; you may want to bring your plans forward. You can call us free on 0800 037 1625 to speak to one of our property or commercial lawyers to discuss your plans and how you could be affected by a rate rise.