Major British lenders on Thursday announced another increase in mortgage rates offered via brokers, pushing many products above the 6% mark in painful news for many homeowners and potential buyers.
informed brokers that rates on many mortgage offerings will rise again on Friday, according to emails seen by Reuters.
"As mortgage rates continue to rise, the property market is being pushed further towards a cliff edge and there's no real help in sight," mortgage broker Lewis Shaw of Shaw Financial Services said. "The high share of fixed-rate deals and a limited rise in unemployment mean we still expect the downturn to be more of a slow puncture, with prices falling steadily over a couple of years, rather than a sudden, sharp drop," said Andrew Goodwin, Oxford Economics' chief UK economist.
If sustained until the end of Friday, it would mark the biggest one-month increase since May 1989 - apart from during the market turmoil triggered by the economic agenda of former Prime Minister Liz Truss late last year.
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