Interest rates 'to remain low'
Interest rates are likely to remain at the current low level, What Mortgage magazine has suggested.
The publication noted that the Bank of England will probably maintain its benchmark interest rate at 0.5 per cent for some time yet.
"Obviously no-one knows for certain and different economic factors could come into play, but it is looking increasingly likely that interest rates are going to stay very low for a long time," said Ben Wilkie, editor of What Mortgage.
His comments come after a report from the Chartered Institute for Securities & Investment revealed that more than half (51 per cent) of people working in financial services do not expect the interest rate to increase for the next year.
Over one-fifth (22 per cent) did not believe rates would rise for at least nine months, while 17 per cent felt that the base rate would be maintained for a further six months.
Just 10 per cent of those questioned as part of the survey said that the rate will be hiked before the end of this year.
The Bank of England has held interest rates at the historically low level of 0.5 per cent for 30 consecutive months since March 2009.
Despite the threat of rising inflation, the organisation has voted to keep this rate for the near-term.
Although savers and investors have been affected by the low rate of interest, it has come as a boon to people interested in UK property investment as it means they are likely to get low-rate mortgages.
Mr Wilkie said that there is a similar situation in other countries.
"The US has announced that its interest rates are going to be fixed at virtually zero for some time and in Europe it is a pretty similar situation," he explained. "There is no reason to expect that Britain is going to be any different."
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