Price rises hit highest level in nearly a decade

Inflation, the rate at which prices are rising, recorded a record jump in August 2021, when it rose from 2% in July to 3.2%.

Prices of food, petrol prices and other goods and services are considerably higher than this time a year ago.

Increased inflation can also drive up house prices and affect interest rates and subsequently mortgage rates.

The UK has experienced low interest rates for over the past decade, and it’s expected that these low rates will continue, although it’s predicted rates are anticipated to rise slightly.

The cost of borrowing remaining low is good news for the housing market, and those with a mortgage as the average mortgage rate currently is just 2.05% which is a historic low.

If you are looking to move, take the first step onto the property ladder or just need advice on remortgaging then why not speak to one of our Mortgage Advisers?

Sources: Dataloft Inform, ONS, Bank of England

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