Expectedly, the Monetary Policy Committee that sets the Bank of England base rate has voted 7/2 in favour of a 0.75% increase in the interest rate to 3%, this is the biggest single rate rise for over 30 years, however this is still 3% below the interest rate in 2000, and below the rate in 2007 of 5,75%.
Yes this will have an affect on mortgage and savings rates which will undoubtedly filter through to the markets over the coming days. Regardless of the rate, people still need to move, whether thats an upsize, downsize, change of area etc.

Please get in touch to discuss any questions you may have on 01827 50700. 

You can see the full Bank of England report here

Interested to the history of the base rate? Click here

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