A recent pause on interest rates in the U.K. housing market has caught the eyes of experts in the real estate industry. Nick Millican and others have been called upon to give their opinions in this pressing matter. At the moment, the general consensus seems to be that this pause could help to bring a measure of desperately needed stability to the market.
However, it should also be noted that experts such as Nick Millican advise a share of caution. It seems that not many of the leading authorities in the housing market believe that this stability will be permanent. They are advising home sellers and buyers alike not to get too comfortable.
On the contrary, they are cautioning that change is coming, Nick Millican adds. The mortgage market in London has plenty of power to influence events in the rest of the country. The movers and shakers who comprise this market have already signaled their response.
Especially to the Bank of England voting to pause interest rates. The new whole measure by the Bank of England was adopted at midday in order to place an official hold at 5.25 per cent. As Nick Millican and other industry veterans have warned, inflation remains at a very high level.
This means that, despite the temporary measure of relief, there is still no guarantee that rates will not rise again. Many experts expect to see many more property owners choose to put their homes on the market. Nick Millican shares that the main cause of these sales will be to get rid of higher monthly interest payments.