The Bank of England have just announced interest rates will remain frozen at 0.5%.
Property expert and CEO of leading hybrid estate agent eMoov.co.uk, 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, 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.”
The Bank of England has also delivered a clear signal that it will ease monetary policy in August.
The minutes of today’s meeting state that:
“In the absence of a further worsening in the trade-off between supporting growth and returning inflation to target on a sustainable basis, most members of the Committee expect monetary policy to be loosened in August,
“The precise size and nature of any stimulatory measures will be determined during the August forecast and Inflation Report round.”
That will give the Bank’s economists more time to actually see the impact of the Brexit vote on the UK economy
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