The Bank of England had previously announced another rise to the interest rate, and plans for further rises in the coming months. This would mean mortgages will be more expensive to pay back, and it may delay property purchases for some.
During high interest rate times, it may be more difficult to purchase a property for first-time buyers, so the majority usually delay purchasing, and instead rent. And that does not only apply to London tenants, as rents outside of the capital have hit an all-time high of £1,088 per month.
What about property investors? It may be worth looking at purchasing properties where there is higher demand for renters, such as Cornwall, Suffolk, Wiltshire, Bristol, Somerset and others.
The investment landmark remains positive even with the 9.1% inflation recorded in May, although it is predicted at a much higher rate in early 2023. Property prices across the UK continue to rise, despite fears of recession and a slowdown in August due to holidays. ASC can help with bridging and short-term finance, HMO finance, property investment finance or development finance, or any other type of finance depending on your needs.
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