First-time buyers profiting from rise in base rates

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) July 13, 2007 -- 12th July, 2007: Recent figures from the Royal Institution of Chartered Surveyors (Rics) claim that houses prices have come don slowly in June as compared to the previous month.

Real estate prices have finally begun to slow down for the first time since the boom in the housing market started in 2006 stated Rics spokesperson Ian Perry. And, there might be further softening of house prices in the coming months.

As of now, there is a possibility that the July rate increase may not mark the peak of the current interest rate cycle. In fact, the earlier rate rises also have not been fully filtered through.

In fact, due to the repeated rises in the base rate, the Council of Mortgage (CML) recently counselled consumers on the benefits of switching to an offset mortgage. The extra interest amassed on the savings due to the interest rate hikes could improve affordability by offsetting against a larger borrowing share.


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