What the papers said about interest rates and house prices

What the papers said about interest rates and house prices
With Bank of England Governor Mark Carney recently ruling out an imminent rise in interest rates, the weekend press looked at the impact on consumers. The prospect of continued low rates will not be a welcome one for savers, but the opportunity remains for borrowers to secure an extremely competitive deal, and experts in the Mail on Sunday warned against complacency. There are currently millions of homeowners paying a lender’s Standard Variable Rate, and now is the time to switch.

In the housing market, recent figures from the Office of National Statistics show an increase in prices in England last year of 8.3%, but the report shows very different figures for the rest of the UK. In Northern Ireland growth was 4.6%, Wales 1.3% and Scotland just 0.4%. Experts claimed that factors such as employment and income levels in local areas can have a big impact, with parts of the UK suffering the consequences of falling oil prices and job losses in the steel industry.
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