The Bank of England has announced that they will continue to freeze interest rates at 0.25% after a unanimous vote in favour of keeping them unchanged. However, experts believe that a cut before the end of the year is eminent following the release of the inflation report in November. This monetary hold makes it an opportune time for those looking to invest in property at a minimal rate, in this slow market.
Russell Quirk, the CEO and founder of eMoov, comments on what this means for the property market:
Today’s decision to leave interest rates frozen at 0.25% will no doubt continue to strengthen an already resilient post-Brexit UK property market.
With property prices across the UK continuing their upward trend since the decision to leave the EU, it will come as welcome news for those looking to get a foot on the ladder in an already inflated market, due to the availability of tantalising mortgages products currently on the market.
It should act as further reassurance to UK buyers and sellers that the property market is in good health and, will no doubt help boost this positive sentiment.
It will be interesting to see if an increase does come in November, although by that time any shackles of uncertainty should be well and truly shaken off.Russell Quirk