Bank of England moves on Interest Rates
Thu 06 Feb 2025
Graham South FNAEA MInstLM, Sales Partner
The Bank of England today cut interest rates by a further 0.25%, the third reduction in just under a year giving fresh hope to borrowers that the cost of lending will finally start to ease.
This extremely welcome move, although expected by many, will give the first quarter of the year an added boost. The new rate of 4.5% is good news for home buyers and anyone remortgaging in 2025.
This reduction will reassure buyers and homeowners as we hurtle towards the financial year end and the end of the SDLT holiday and the 1st of April Stamp Duty increases.
Every bit of good news is a 'shot in the arm' for the sales market and although further reductions are not guaranteed by any means, given the precarious state of the economy, predictions are still pointing to a base rate around 3.75% by the end of the year.
Lenders will be competing for the mortgage business on offer, so this cut will hopefully filter through quickly and we will see some more competitive, fixed rate mortgages deals.
For further thoughts, advice and analysis, feel free to pop in for a chat. With over 130 years of property experience between the four partners, you are guaranteed sound advice whether a buyer, seller or landlord.
We love to talk property
This extremely welcome move, although expected by many, will give the first quarter of the year an added boost. The new rate of 4.5% is good news for home buyers and anyone remortgaging in 2025.
This reduction will reassure buyers and homeowners as we hurtle towards the financial year end and the end of the SDLT holiday and the 1st of April Stamp Duty increases.
Every bit of good news is a 'shot in the arm' for the sales market and although further reductions are not guaranteed by any means, given the precarious state of the economy, predictions are still pointing to a base rate around 3.75% by the end of the year.
Lenders will be competing for the mortgage business on offer, so this cut will hopefully filter through quickly and we will see some more competitive, fixed rate mortgages deals.
For further thoughts, advice and analysis, feel free to pop in for a chat. With over 130 years of property experience between the four partners, you are guaranteed sound advice whether a buyer, seller or landlord.
We love to talk property
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