Recent ‘goings-on’ in the US prompted a great deal of discussion in the press this weekend, as journalists discussed the impact of the recent election result on our own economy. The ‘Donald-effect’ is of course a complete unknown at this stage, so any predictions are entirely speculative. Industry experts in the Mail on Sunday suggested that, regardless of any forecasts, mortgage rates are currently as low as ever, and borrowers should be locking in while they still can.
The Sunday Express followed this with news that UK private debt has now topped £1.5 trillion for the first time, 87% of which is mortgage debt. With the Bank of England warning that inflation could rise next year, homeowners were urged to take advantage of the record low interest rates available at the moment, and secure a good deal.
The Telegraph reported this weekend on data from the Office of National Statistics, which revealed that the number of under-65s living alone has fallen by 244,000 since 2012. Being priced out of property, whether it be rental or home-ownership, has resulted in many more people living with parents or house-sharing. This is not surprising news considering Nationwide’s recent House Price Index, which stated that the average property is now worth six times the average salary, and is certainly a contributing factor in the rising popularity of the Bank of Mum and Dad.
What the papers said about the Donald-effect and First Time Buyers