(1888PressRelease)
July 11, 2007 - London (online-unsecured-loans.co.uk) : Bank of England has again announced a hike in interest rates. This is the fifth time that the rates have increased in a year.
The rate increase to 5.75% is being witnessed as highest level in six years. Experts including some eminent financial experts from Royal bank of Scotland and Bear Stearns do feel a further hike of 0.25% might be in the cards.
A hike of around £16 a month is expected on the cost of processing a mortgage of £100,000.
The rising rate will in particular affect the housing market as stated by a representative of Royal Institution of Chartered Surveyors. This makes the situation harder for first time buyers.
The cost of borrowing has seen a tremendous rise since August 2006.
According to Bank of England the inflation rate will drop by 2% this year.
However, UK market will still witness a continuing rise in prices on products and services.
It is expected that the Sterling will stand tough against dollar which is worrying exporters on the exchange rate and the export quantity.
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