Advertisment
NEWS COST OF LIVING

Rate rise to affect residents

Rate rise to affect residents

By All About Newtown

7 months ago 1040 views

...

The most recent rise to the Bank of England base rate will affect up to 19% of Newtown residents who own their house with a mortgage or loan.

According to the 2021 census, 19% of residents in Newtown own their house with a mortgage or loan, which are impacted by the recent Bank of England rises to the base rate.

The base rate, which is used by mortgage and loan providers when setting their rates, has risen to the highest point in 14 years - 4.0%. Residents in Newtown who are coming to the end of their fixed rate mortgage terms, or use the standard variable rate or a tracker mortgages will be impacted.

According to the census data, the most common home ownership in Newtown is a house owned outright, with 31% of households in this category. This is followed by mortgaged properties, rented from local authority, private landlord rented or social housing rents.

The Bank of England has continued to rise the base rate to tackle rising inflation, making it harder to borrow forcing people to decrease spending, which in turn brings down inflation.

A full map below shows the area of our town with the different home ownership models.


Related or similar stories based on this one

Image for the article Plaid call for Welsh Government to keep basic tax rate at 20p
Plaid call for Welsh Government to keep basic tax rate at 20p

1 year ago

Image for the article Cabinet approves rate relief scheme for retail, leisure and hospitality businesses
Cabinet approves rate relief scheme for retail, leisure and hospitality businesses

6 months ago

Image for the article Hundreds of businesses receive rate relief support
Hundreds of businesses receive rate relief support

4 months ago

Advertisment
Follow us

Connect with us on Facebook, Twitter and Instagram

   

Trending
 
Councillors to discuss nuisance birds
 
Regional politicians express shock over arts funding cuts
 
Noise complaints strike again at Food Festival
Donate to us

We're a not-for-profit community interest company and have no corporate owners. We'd appreciate anything you can give to keep us providing free content.

  Donate via PayPal
Upcoming Events
5k Colour Run

01/10/23 11:00am Dolerw Park

MADE IN DAGENHAM The Musical

05/10/23 07:30pm The Hafren

MADE IN DAGENHAM The Musical

06/10/23 06:30pm The Hafren

Latest Stories
 
MS weighs into farm sale controversy
 
Noise complaints strike again at Food Festival
 
Councillors to discuss nuisance birds