UK raises interest rates for first time in 10 years

The UK has seen its first interest rate hike since July 2007. The rate has been increased from 0.25% to 0.5% following the Monetary Policy Committee’s (MPC) 7-2 vote in favour of the rate hike. The MPC has justified this rate increase – the first in 10 years – by highlighting that unemployment sits at a record low, consumer confidence is high and global economic growth is on the increase.  Mark Carney, Governor of the Bank of England, made the announcement a short while ago.  From a real estate perspective the cost of borrowing will increase, and this will be the first time many homeowners and consumers will experience the impact of what the rate rise actually means for them.  As an example a GBP 500,000 mortgage, may cost an extra GBP 100 per month.  Mortgages, credit cards, personal loans will see interest rates increase. The interest rate rise sets a tone for further possible rises in the coming year, which could take the rate to 0.75% and   1% respectively.  The rate increase had been widely anticipated.  The infographic chart from the Bank of England and courtesy of the BBC tells the story of UK Interest Rates since 2000 when they stood at 6%.  For residential and commercial real estate investors it makes for interesting times ahead. Ultimately interest rates still sit a record-low levels.

BankofEngland Interest Rate Chart


This entry was posted in Real Estate News. Bookmark the permalink.

Evantis Group Limited is a member of the HK EAA (Hong Kong Estate Agents Authority) with Company licence number: C - 036117


Disclaimer: The details provided on this website are for information purposes only, and do not represent or constitute any offer for sale, contractual obligation or invitation to invest. Whilst Evantis Group Ltd has endeavoured to ensure that the content is not misleading in any material respect, no representation, warranty or indemnity is given as to the accuracy or otherwise of the information, projections, statements or assumptions contained herein. Details are subject to change without prior notice. Any person or organisation considering entering into any agreement or arrangement, must do so on the basis of their own due diligence and legal advice, and may not rely on the contents of this website. 


Privacy Policy: Evantis Group Limited undertakes to comply with the obligations and requirements of the Personal Data (Privacy) Ordinance (the “Ordinance”) of the Hong Kong Special Administrative Region (“HKSAR”). The company  is committed to protecting the Personal Data of all individuals in relation to the collection, storage, use, transfer and access of Personal Data, and endeavours to keep all Personal Data safe in compliance with the obligations and requirements of the Ordinance.  Personal Data may be collected for the purposes of complying with the laws of the HKSAR (including the Estate Agents Ordinance in the verification of the identity of the vendor/landlord and/or purchaser/tenant), the acquisition of overseas properties, the prevention of money laundering, performing regsitrations or in the provision of other real estate related services. Personal Data, such as your e-mail address, may be used from time to time to inform you about Hong Kong & International real estate opportunities, real estate news and for the marketing of other real estate related services. Access to your Personal Data will be restricted to our staff who need to contact you or provide services to you. In accordance with the Ordinance, if you do not wish us to use your Personal Data for direct marketing, we will not do so.  To stop receiving such promotional materials or to start receiving the same please write to info@evantisgroup.com.  Evantis Group reserves the right to amend this Privacy Policy Statement and Personal Information Collection Statement and/or any part thereof at any time.

Copyright © Evantis Group Ltd 2015. All rights reserved | Site Map

Contact Address
Evantis Group Ltd
201 Kowloon Centre, 29 Ashley Road, Tsim Sha Tsui, Kowloon, Hong Kong
Tel: +852 9815 6459 E-Mail: info@evantisgroup.com