Base rate jump to hit UK property

Most commentators are now forecasting a 0.25pc rise to 5.50pc on the back of this week’s news of the leap in inflation figures, as reflected by the Consumer Prices and Retail Process Indices, said Richard Brown, chief executive of moneynet.co.uk, a price comparison website. And with impending HIPs legislation likely to add an additional £1,000 burden to the cost of selling a home, Brown said that home owners and buyers are likely to be caught in a double whammy for rising costs. “Many experts feel that a further quarter per cent increase in base rates is likely next month and this could ...