Comment from Just Mortgages on today's inflation figures

19 April 2023

Following the announcement from the Office for National Statistics (ONS) today that the Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 8.9% in the 12 months to March 2023, down from 9.2% in February we have a comment from John Phillips at national brokerage Just Mortgages.

Just Mortgages is one of the largest mortgage brokerages in the UK, with more than 600 advisers working on either an employed or self-employed basis.

John Phillips, national operations director at Just Mortgages said: “This drop to below nine precent is significant and will be a welcome relief for households across the country, but especially mortgage holders. The bank base rate, upon which most mortgages are priced is one of the tools used to control inflation and now that this is taking effect this will hopefully remove the need for further interest rate rises which will in turn drive down mortgage rates. This will be especially welcome news for those mortgage holders coming off low fixed rates this year for whom the risk of a payment shock was looming large. Lenders will be able to price re-mortgages more competitively and the transition to a new deal will be more affordable.”