First rise in interest rate in ten years.
Wolsey comments: "the 0.25% rise in interest rate to 0.5% announced by the Bank Of England today is not in itself too significant to the residential development market in the short term, nor to Wolsey's lending criteria to SME housebuilders. What is more significant is that it is the first upward move of interest rate announced by the Bank for ten years. Does it mark the beginning of a longer term change in strategy? We will, of course, have to wait and see. But, the market is still a long way off the levels of interest rate that the Bank has set over the last fifty years or so, which averages out at around the 5% mark."
Do contact Wolsey for all your development financing needs.
2nd Nov, 2017