With the recent declarations of the Bank of England to freeze the amounts of interest rates that it normally gives out, it is always useful to seek out advice from someone who knows what they are talking about when referring to how this will affect the different property and construction industries around the country. Indeed, it seems clear that Mister Russell Quirk sees the bank’s decision to freeze these rates as an encouraging sign to the property and construction industries that this sector of the British economy will prosper as the year goes on.
Indeed, Mister Quirk has explained that the housing market itself is in a strong position for the year ahead and the steadiness of interest rates remaining the same is a sign that the economy will be able to put itself back on its feet in terms of allowing more people to buy more homes and allowing the building and construction industries to invest in more projects and initiatives for land and housing development. The Bank of England’s decision, he intimates, will also have a positive effect on those wishing to buy a home for the very first time, but he has explained that people in this position will be more than ever advised to buy within their own affordable means and budget.
This is due to the fact that the current interest rates will increase at some point rather than remain in their current static position: Mister Quirk therefore advises first-time buyers to be wary of the fluctuations in the housing market and encourages them to not be foolhardy in their buying enterprises. The same caution ought to be the case with members of the building, design and construction industries. Whilst investment in land capital and various project initiatives is undoubtedly a good thing, the amount of fluctuations within the British economy at this present time means that caution ought to be taken now more than ever before.