News & Updates | Page 16 of 34

Doom and gloom in the British property market or clickbait doom-mongers? Newspapers and clickbait 24-7 news websites, desperate for clicks, are peddling a story of a doomsday time for the economy, particularly the property market, as interest rates and inflation create the perfect storm for the UK property market. So, let us look at what is happening in the British property market and whether house prices will drop.  

Last week the Bank of England increased interest rates to 2.25% and they are expected to be 3.25% by early next year. This increase will make the monthly mortgage payments more expensive for first-time buyers, an issue dubbed by some as the 'property affordability crunch.' It will also damage the household budgets of homeowners coming off their fixed-rate mortgages in the next 12 months.So how many homeowners are coming off their fixed rates in the next year?

Following the news that interest rates are to increase by 0.5% points to a new base rate of 2.25%  

Rugeley OAP retirees have to make tough choices with the onset of the cost-of-living crisis.   Growing inflation, unpredictable financial markets and the high cost of living mean many former retired Rugeley people are returning to work in what has been dubbed the ‘great unretirement’. Some are even bringing forward their downsizing house move.   Looking at the changing job market , July saw the most significant month-on-month rise in OAPs working since records began in the 1990s when 1 in 23 of all the UK’s OAPs went back into employment.   That now means ….

Looking at the newspapers with their doom and gloom headlines, you would think that the Rugeley property market (and the British property market) would be on its knees. Yet ring some Rugeley estate agents for a viewing or free valuation, and if you can get an appointment within a week to ten days, you are doing well! British properties continue to sell in good numbers.

  With the cost-of-living crisis beginning to hit, the 20 and 30-somethings of Rugeley urgently need the help and support of the Government to help them get on the property ladder. For the last few weeks, we have listened to the debates and hustings of Liz and Rishi. Between them, they have told us how they are going to stop building on the green belt, slash taxes, outbid each other on the number of refugees they are going to deport and push back against WOKE culture wars, but what are they doing for the 20 to 30-somethings of Rugeley?