'A rate increase will help my savings'

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'A rate increase will help my savings'

A rise in interest rates isn't bad news for everyone.

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Edmund Wood is saving to buy a home close to London, so hopes a rate rise will help his deposit grow more quickly.

"An increase in interest rates is good for me," he says.

"I've been worried about rising property prices - they have climbed every month for the last 12 months in a row.

"That wouldn't be good if I was ready to buy now, but in two years when I've saved up during a period of increasing interest rates, hopefully house prices will fall again, which will leave me in a better position to buy.

"Also hopefully by then interest rates will have stabilised somewhat, meaning I'll be able to get a stable interest rate on a mortgage."