Britons brace for pricier mortgages
are growing uncomfortably hot. On June 13th the Met Office, a weather monitoring outfit, gave warning that large swathes of the country were officially in a heatwave. Data published the same day by the Office for National Statistics , keeper of other sorts of official figures, suggest that the labour market swelters, too: private-sector wages, excluding bonuses, were 7.6% higher than a year before.
Traders, consequently, expected that the bank will do more to dampen demand. The cost for the government to borrow for two years reached 4.9%, above its peak in the aftermath of the disastrous September 2022 mini-budget. That has a knock-on effect on homeowners, raising costs for anyone renewing or starting a mortgage. Moneyfacts, a data provider, says the cost of fixing a mortgage for five years has risen to 5.5% a year, up from 5% at the start of May. Circumstances this time are different.
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