We’ve been enjoying the lowest interest rates on record, with the low cost of borrowing resulting in a bright economic outlook across the nation. Those looking to buy a property have had a particularly good time, with the easy availability of credit at great rates, helping many get a foot on the ladder.
Today the Bank of England was expected to announce yet another drop which would have resulted in a new record low and would have been the first change for seven years. Unfortunately, this wasn’t the case, but the good news is that they haven’t gone up either. They will remain frozen at 0.5%, which let’s face it, isn’t too bad at all.
Property expert and eMoov CEO, Russell Quirk, comments:
The Bank of England have today announced that interest rates will continue to remain frozen at 0.5%. This confirmation should remind us that the cost of money and especially for home buyers, is at a record low. The UK economy and the property market, in particular, are now awakening from the apparent Brexit limbo it has been stuck in over the last few weeks.
The UK property market is still fighting fit, despite the negative sentiment it has been plastered with by Brexit doomsayers and, with mortgage rates also certain to remain low, now is the perfect environment for UK property if there ever was one.Russell Quirk