After reading through the news online, I am quite worried that the Bank of England is going to increase the base interest rate again. I know that the increase is inevitable but can they do something with stopping the interest rates from rising? Statistics have shown that consumer spending have fallen for the first time in years and people are starting to look for alternative ways to find a house to live in. People are thinking that it will cost them too much to buy a house so they will just rent a house.
Well, to me, it will be better to rent an accomodation. The reason is clear. You need to pay ground rent (if applicable), council tax (where applicable) and the upkeeping of the house. In the end, you might end up paying for more if you buy a house. On the plus side, you do OWN a house and it belongs to you, not to the landlord. You are now the owner of the property.
I really hope that the BOE will decrease the base interest rates. It is going too high now.
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