Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.
Bank of England expected to hold rates at 3.75% as mortgage costs rise
The Bank of England is expected to hold interest rates at 3.75% at Thursday's decision, according to a report by PropertyWire. Three members of the Monetary Policy Committee favoured an increase.
The decision comes as mortgage costs have risen over the past 10 days, with swap rates hitting a three-year high. Mortgage approvals also fell to 56,100 in July.
What this means for letting agents and inventory clerks
Rising mortgage costs and softer approval numbers may affect landlord decision-making in the buy-to-let market. Letting agents and inventory clerks should keep the backdrop in mind as the Bank of England's decision approaches.
Source: PropertyWire