UK housing market hit by another mortgage crisis in 2023 – here's what it really means

#housingmarket #mortgage #inflation

The UK housing market has been hit by yet more turmoil in 2023 as mortgage rates are hiked as the Bank of England struggled to contain inflation.

Fortunately, i Money and Business Jessie Hewitson is on hand help you understand exactly what is going on - and how best to respond.

Nationwide, one of the biggest lenders in the country, announced it is increasing some fixed and tracker mortgage rates by up to 0.45 percentage points from Friday while other providers have already announced hikes.

This came in the wake of the Office for National Statistics revealing that the April reading of inflation was 8.7 per cent which while lower has sparked concerns of more rate hikes by the Bank Of England as it struggles to tame rising prices.

So how does this effect consumers in the property market? Jessie gives you the low down and reveals whether we are entering a 'new normal'.

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[fungirl]

Please reduce the music in the next video. Very distracting.

[yaz]

Rates are rising but house prices aren’t yet softening here (2% reductions approx). I wonder how high rates must go before we see a crash.

[JustMeTalking]

We paid our Mortgage off completely, and resisted the urge to remortgage on a bigger home.

Just watching what happens now.