The Bank of England’s decision to hike interest rates to 5.25% last week has sent shockwaves through the housing market. As a result Google searches for ‘Mortgage help’ in the U.K have soared by 1366% in the past week alone. The data follows analysis by a leading mortgage broker.
This surge in searches reveals a growing sense of panic among British homeowners and renters. In the wake of continuous announcements from the Bank of England regarding the increased base rate, other terms like ‘Mortgage support’ have also seen a 213% increase in the past month.
The data shows that people are not only concerned about immediate support, but also about the future of the mortgage market. Queries like ‘When will interest rates go down’ have seen a 487% search increase, and ‘When will mortgage rates go down’ has seen a 268% increase in the past year.
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