Brits hoping for increased interest rates

Posted: 13 Mar 2009 11:23:58 GMT

A surprisingly high number of Brits are now hoping that the Bank of England (BoE) raises interest rates, research published yesterday (March 12th) states.

The research, conducted by the BoE, found that a record high number (30 per cent) of Brits now consider that a rise in interest rates would be 'best for them personally', compared to just 25 per cent who would prefer a fall.

The rate of 30 per cent is the highest recorded by the BoE since it began the survey in 1999, suggesting that many now consider other factors to be more important than simply the rate of interest.

Low interest rates appear to be stifling the ability to save money, which can have a knock-on effect on homeowners hoping to sell, as buyers cannot raise the money needed for a mortgage deposit.

Selling a property online, however, could help sidestep such an issue, as avoiding estate agent fees could allow buyers to channel more of their funds into a deposit, meaning a property is sold faster on the web.

"Respondents were asked to assess the way the Bank is 'doing its job to set interest rates to control inflation'," a BoE statement to the press added.

"The net satisfaction index - the proportion satisfied minus the proportion dissatisfied - was ten per cent, compared with 19 per cent in November. This was the lowest net satisfaction index outturn since the survey began."



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