Bank of England Cut’s Base Rate

- Thu 01 Aug 2024

The Bank of England has made a significant decision by cutting the base interest rate from its 16-year high of 5.25% to 5%. The Monetary Policy Committee (MPC) voted narrowly, with five members in favour of the cut and four against. This move was closely watched by the property industry, which hoped for an extra boost to the housing market as summer holidays begin. Major lenders like Halifax, NatWest, and Santander had already anticipated the rate cut by lowering their mortgage rates. Homeowners on fixed rates nearing the end of their terms were also hopeful for a boost as they prepare to renegotiate their loans. The Bank considered inflation, which remained at 2% in May and June, meeting the government’s target.

Kevin James Director at Bradleys says: “Today’s interest rate reduction is fantastic news for the housing market and undoubtedly a great relief for those who’ve endured higher rates over the past two years. This base rate cut should inspire renewed confidence and affordability in the South West housing market. Now would be a sensible time to discuss your mortgage with our advisors who would be happy to assist.”

Or you can call the team now on 01395 222391!

Mortgage Advice | Bradleys Estate Agents (bradleys-estate-agents.co.uk)

Bank of England Cut’s Base Rate

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