Homeowners looking to move are being forced to cut asking prices in a bid to sell their homes after mortgage rates have soared. According to property site Zoopla, around 42 percent OF house sellers are now having to shave more than five percent off the original asking price to achieve a sale.
It comes after the Bank of England raised interest rates to a 15-year high last week (June 22) after a majority vote of a 7-2 from members of the Monetary Policy Committee. The base rate in the UK now sits at five percent after a 0.5 percent increase.
This was automatically bad news for many homeowners coming off a fixed-term deal and those on a variable rate, as their monthly mortgage repayments were set to soar.
