The Bank of England has cut interest rates for the fourth time in just under a year.
Policymakers at the Bank have opted to reduce interest rates from 4.5% to 4.25% today.
A lower rate is designed to boost spending by making borrowing, including mortgages, cheaper
We’ll bring you more on this shortly, including reactions from property professions across the UK.
Industry reactions:
Nathan Emerson, CEO of Propertymark, commented: “Today’s news will no doubt be extremely welcome for many, especially given current economic uncertainties. International bodies have recently stated they expect interest rates to fall in the UK as the year progresses. Overall, we hope to see interest rates further continue their downward trajectory over the course of 2025.
“The UK housing market has recently been buoyed by stamp duty threshold changes leading up to the start of April, and with the busier spring and summer months now here, this base rate reduction should attract even more buyers and sellers to the market and provide greater affordability.
“Housing is a central part of the UK economy, and we now hope to see considering the UK government and the devolved administrations have shown a keen focus on housing growth, is that they look ahead to achieving their individual housebuilding targets to meet growing demand.”
This article is currently being updated.
Read the orginal article: https://propertyindustryeye.com/property-industry-reacts-to-bank-of-englands-decision-to-cut-interest-rates-4/
