Rate rise won’t dampen housing market, says Sequence

Sequence estate agency says the interest rate rise will not dampen activity in the housing market.

David Plumtree, operations director of Sequence, which has over 300 estate agency branches throughout the country, says: “In historic terms interest rates are very low and we see this latest rise as a precaution as house prices have increased more than many people predicted at the beginning of the year.

“For the past two years interest rates have only gone up half a percent, which has offered buyers the perfect stable platform to move home, and I see no reason why this will change in the near future.

“House sales are up 23% on last year and I don’t expect this slight change in interest rate to discourage people from moving.

“We have plenty of buyers looking at the moment, in fact when you compare our figures with last year we’ve got over 50% more people registering with us – generally the problem is we don’t have enough properties to sell to satisfy the demand from buyers.”