What Mortgage: Housing market will benefit from low base rate

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What Mortgage: Housing market will benefit from low base rate

The housing market will be positively impacted by the Bank of England's base rate being kept low, a sector commentator has suggested.

What Mortgage editor Ben Wilkie claimed that the longer the base rate stays down, the more confident people looking to get on to the property ladder will become.

He made his remarks after the centre for economics and business research (cebr) forecast a 5.3 per cent rise for house prices in the UK in 2010.

The cebr highlighted low mortgage rates as a contributing factor.

Mr Wilkie stated: "18 months is quite a long time, but most experts now think ... that it is going to remain very low for a lot longer than most people expected it to."

The property expert pointed out that the base interest rate is going to go up at some point - whether in 18 months or five years - and this is something that all consumers should be aware of.

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