Interest rate hike to 1.75% ‘could slow housing market’

By Joey Gardiner2022-08-04T14:29:00

Bank of England has raised the interest rate to try to return inflation rate to 2%

The Bank of England’s decision to raise the interest rate to 1.75% today is likely to slow the housing market, property firms have said.

The Bank said it had raised the rate, which is the biggest single jump in 27 years, in an attempt to bring down inflation. Rates have risen to their current level from just 0.1% only eight months ago.

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