House Prices Up 6%

Published / Last Updated on 06/01/2002

Nationwide Building Society has predicted that house prices will rise by 6% in 2002.  Consumer spending has been high and combining this with expected interest rate rises by the Bank of England to prevent the economy form "overheating" means that, in their opinion, there will be also be a slowdown in the economy rather than recession.  This means that the hosueing market will remain bouyant. 

Other pundits are also expecting interest rate increases:Abbey National predict a 3-5% house prices increase with interest rates increasing.  Bank of Ireland are expecting base rates to fall to 4% by the Spring and to then rise to 6% in 2003.  Others are suggesting perhaps now is the time to get your mortgage on a fixed rate before rates do increase and lower interest rate monies run out with lenders.

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