At its March meeting, the Bank of England has chosen to hold interest rates at 5.25% since August 2023. However, its recent decision, along with news that inflation had fallen to a two and a half year low of 3.4%, has been welcomed by industry experts as a sign that we are nearing a rate cut.
The question now for property buyers, sellers, and anyone re-mortgaging, is whether a rate cut is more likely in May or June. The economic signals are mixed but the fact that there were no votes to raise rates this month increases the chances of a spring cut.
The Bank of England issued an optimistic projection last month that inflation could fall back down to pre-Covid-19 levels by this summer. There are also signs that interest rates are not deterring people from buying their first home.
Recent housing data shows that there has been a 120% increase in the number of potential buyers registered indicating that optimism and momentum is gaining in the market.
Whether you’re navigating through property transactions or considering your options in this evolving market, we’re here to help. If you need more information on our available services, such as full management or tenant find, reach out to us today. Stay informed and make confident decisions with our support. email us at admin@thepropertylifeboat.co.uk or phone the team on 01233 800999.
