The property market is gearing down for Christmas as attention focuses on the annual festivities. Which brings me to the London Interbank Offered Rate or LIBOR. The interest rate at which bankers are prepared to lend to one another. I was amazed to see that back in the summer of 2003 the rate for a one year contract was as low as 1.2%. If only I could have got a mortgage at that rate! Of course, it couldn’t last. Those rates were very low by recent standards. The same money now would cost you the banker about 4.5%. There was lots of cheap money available so like Santa the banks dished it out and some people ate rather too much for their own good. A bout of indigestion was bound to follow and that is what we have been experiencing of late. So what now? Well, after the excesses of Christmas we go on a bit of a diet, exercise a bit more, resolve to be more sensible and before long the Yuletide flab has burned off. By the time Spring comes around we are back to normality and balance has been restored. Much like the Property Market. So on behalf of everyone at Rees Page here’s wishing you all A Very Merry Christmas and if you’re looking to sell your property in the New Year why not resolve to get in touch with us. We’d be delighted to hear from you.
Compliance Officer for Legal Practice
Andrew oversees the Firm’s Quality Systems and is committed to making sure that our client’s receive the very best customer care and attention along with the best marketing and legal advice in the area.
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