Rates Down + The impact on the housing market
The Property Nomads Podcast · Rob Smallbone & Aaron Devoy
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Show Notes
Rob discusses the impact of decreasing interest rates on the housing market, highlighting the recent decrease in the Bank of England rate from 5.2% to 5% and speculates on the possibility of further reductions. With the government's pledge to build 1.5 million homes in five years, the episode explores how lower interest rates could make mortgages more attractive, potentially leading to increased demand for housing.
KEY TAKEAWAYS
- Interest rates have decreased from 5.2% to 5%, potentially leading to further decreases in the future.
- The decrease in interest rates can make mortgages more attractive, stimulating the housing market.
- The government's pledge to build 1.5 million homes in five years may impact the housing market.
- Increased demand for housing due to lower interest rates could lead to bidding wars and higher prices.
- While the decrease in interest rates may benefit some in locking in good mortgage deals, the long-term impact on the housing market remains uncertain.
BEST MOMENTS
"Chances are house prices are then going to go up as a result because it's going to be a lot of people or more people considering moving."
"But we are pretty much sat on a house of cards."
"If you've got demand or increased demand chasing the same amount of supply or even a slightly diminished supply, then that will lead to higher prices."
"I've got a feeling it's not going to end up very well."
"If you have a chance to lock in a good deal, a good mortgage deal, certainly better than what we've seen in the last couple of years, then I'm not an independent financial advisor."
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