MPC decision comment from Just Mortgages

15 December 2022

John Phillips, national operations director at Just Mortgages said: “This was perhaps the least surprising rise in the past few months as it follows a half percent rise by both the US and some of our European friends such as the Swiss. Although the fact that this is the ninth increase in a row will grab the headlines, there is however good news as we see reports of inflation easing and the annual rate of price increases slows. And let’s not forget that house prices even in the midst of a cost of living and energy crisis continue to rise with figures from the Offices for National Statistics revealing that on an annual basis, average UK house prices were 12.6% higher than in October 2021, up from 9.9% in September.

“The underlying housing market is still strong and brokers should be working their socks off to expand their businesses by diversifying into new product areas and ensuring their clients’ protection needs are met.

"Every interest rate rise is an opportunity for brokers to open a dialogue with existing and new mortgage clients.”