Mortgage and rent woe after Bank interest hike

As the heavens opened over London, there’s a financial storm brewing.

The Bank of England has decreed the steepest interest rate hike since 1989, with a jump of 0.75 percentage points to three per cent, as it steps up the fight against soaring inflation. 

But what’s the impact going to be on London’s property market, for homeowners with mortgages and renters?

It comes as estate agents Savills warns the capital’s homeowners that property prices in London are forecast to fall faster than anywhere else in the UK as biting mortgage interest rates hit house and flat values.

To analyse Thursday’s unwelcome financial news, the Leader’s joined by Laurie Macfarlane, a fellow at UCL’s Institute for Innovation and Public Purpose.

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