A new era for the UK mortgage market is approaching as the Bank of England prepares to raise interest rates, and markets are already shifting rapidly.
The shift is one more sign of the pressure that could come on housing after a tax-cut fuelled mini-boom that sent prices surging at a double-digit pace. Over the longer term, demand has also driven by cheap money, with borrowers enjoying plummeting mortgage rates almost consistently for more than a decade.
They’ve risen as markets bring forward expectations for the BoE lifting its key rate. Traders are betting that could start next month, and have priced in more than 100 basis points of tightening by the end of 2022.
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