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UK property market 'to cool'
UK property market 'to cool'
Britain's housing market is set to cool over the rest of the year, according to Standard & Poor's (S&P).
The bank said that although medium-term forecasts are strong, affordability pressures continue to strain the market.
Commenting on the S&P report about forecasts for the European economies, the information provider's chief economist for Europe, Jean-Michel Six, said first-time buyers will be "most affected by the deterioration in affordability".
He explained that UK affordability last year reached levels last seen in the early 1990s, which were followed by "a sharp downturn" in the market.
"But more worryingly, this sharp deterioration took place before interest rates started to rise, which leads us to suspect that there is more trouble ahead," he commented.
The Bank of England's monetary policy committee (MPC) will be announcing its decision about the base rate today, with many analysts predicting a hike in the underlying cost of borrowing.
A shadow MPC, consisting of independent economists voting about what they would do with the interest rate, decided with an eight to one majority last week that they would increase the base rate.
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