Good news for home movers
Inflation has fallen again and as a result financial markets have slashed the odds of another increase in the UK interest rate tomorrow, Thursday.
This is good news for home movers and an indication that the economy is stabilising. If you are thinking of moving, now is a good time to get your home valued and speak to a mortgage advisor.
Inflation, which measures how prices change over time, fell to 6.7% in the year to August, down from 6.8% in July, official figures show. It is the third month in a row that the figure has dropped.
The question now is what this means for interest rates, with the Bank of England due to announce the new level tomorrow.
The money markets indicate that a quarter-point rise in UK interest rates tomorrow, from their current level of 5.25% to 5.5%, is now less than a 50% chance, down from around 80% yesterday afternoon.
Thinking of moving?
If you are thinking of moving Preston Baker would be happy to give you a free, no obligation valuation and arrange a free mortgage consultation for you.