First time buyers will be hit hardest by interest rate riseBy Samantha Colyer
May 16, 2007
First time buyers in Wokingham face an even harder struggle to get on the property ladder after last week’s interest rate rise.
Two of the town’s major estate agents have said the Bank of England’s decision to raise interest rates by a quarter of a percentage point – to 5.5 per cent – will bring even greater challenges to those who do not already own a house.
However, people who already have mortgages will feel the pressure of the rise less than in other parts of the country because of the high level of wealth in the borough.
Vincent Courtney, director of Romans estate agents, said: “I think the Wokingham market overall will be fine because the rate rise was expected.
For full story see this week's Wokingham Times