UK Money News
16th January 2008
Homebuyers 'must consider inflation' before purchase
True inflation may be higher than government figures and should be taken into account, an expert claims.
David Kuo from online finance comparisons site Fool.co.uk said lower property prices could be used to predict future affordability by adding another two per cent.
He suggested that once the threats posed by the credit crunch had gone, interest rates would have to rise in order to control inflation.
The Bank of England held January interest rates at 5.5 per cent after a 0.25 per cent cut in December and many economists predict a further fall in the next couple of months.
Mr Kuo says ongoing research of Fool.co.uk's readers reveals that people think inflation is substantially above what the government says it is.
"By and large people say it's somewhere between six and seven percent which is vastly different to what the government is telling us that it is about two per cent," he added.
He went on to say that the BoE was concerned about inflation.
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