Inline with their policy of pumping shed loads of cash into the economy and crossing their fingers, The Bank of England committee voted to keep the base rate at 0.5% yesterday. Great news if you can afford to pay your mortgage I suppose but not much help for those that can’t.
Talking of which, Halifax announced the results of their most recent House Prices survey yesterday which showed the average UK house price in the three months to May was still 3.1 per cent lower than the figure for the previous 12 weeks, not good news if you were hoping to sell house fast and release your cash.
Howard Archer, chief UK and European economist at IHS Global Insight, commented: “There’s sharply higher and rising unemployment, very low wage growth and an unwillingness of many people to commit to buying a house.” This doesn’t make great reading for those who are hoping to sell house fast to pay off debts or avoid repossession and with few buyers confident enough to buy and few banks confident enough to lend, the housing market slump could still be way off it’s lowest point.
Tags: Sell And Rent Back, Sell My House