BOE announce interest rate cut. How will this affect the property market?
With a rate cut of 0.25% those of you who are on a tracker mortgage will get a nice surprise from your mortgage lender.
Those of us on a fixed rate will remain the same but the impact on the local housing market can only be positive for all.
An interest rate cut benefits anyone who is borrowing money. Unfortunately, the savers out there will be penalised again unless they have put some of their hard earned money into property.
With new mortgage deals coming out weekly it really is a great time to be looking to buy property. Never before has it been so cheap to borrow money.
We have found the local property market to be stable and still buoyant. We are still listing properties and there are still plenty of buyers out there. This interest rate cut will help first time buyers get onto the ladder and thus fuel the rest of the market.
The feedback we have been getting from our clients is that once the Government is more stable and the bank announces a rate cut they will go onto the market. So hopefully today will open the floodgates and even more properties will come onto the market.
With more properties around this will hopefully encourage those who want to move but â€˜canâ€™t find anything suitableâ€™ to put their toe in the water and test the market.
The properties we have listed are getting viewings and where they are reasonably priced we are getting offers. People still need to move for a variety of reasons no matter what the market conditions are.
I am fed up with hearing all doom and gloom on the news. The market in this area and probably most of the South East is still strong. The rest of the country may not feel the same but with the supply and demand, great transport links and excellent local schools this area will continue to thrive.
Is this me just being overly optimistic? NO! I am at the sharp end here and meet with many people from all walks of life on a daily basis. From my many conversations, business links and daily transactions I can safely say I am confident in this market and look to the future positively.