What does the Bank of England's recent announcement mean for the property market?
Following the recent announcement from the Bank of England regarding holding the base rate at 5.25% for at least another six weeks, we ask our Co-Founder and Owner, Alex Mackay, for his comment. Plus, we speak to Sam Murphy, M.D. of Mortgage Medics for his view on the current mortgage market:
So, Alex, what are your thoughts on today’s announcement?
“With interest rates held for the second consecutive month and the indicators that the cost of living increases we have struggled with are falling, we have a further sign that now is a good time to be moving.
There is plenty of stock for sale, together with new homes, and lenders are desperately looking for new clients.
I think one can approach the market with a little more confidence now that interest rates have probably plateaued for now.
Not exactly rosy out there, but we've been waiting for some stability so that people can move on with their lives. I believe we have now reached that time. Yes, things are still more expensive, though property is a little cheaper, but with careful planning and good financial advice, there's no reason not to get out there and find your new home.”
Sam Murphy, Managing Director of Mortgage Medics, our preferred mortgage specialists, adds:
“Not only has the Base Rate now been held twice in succession, but the Bank of England's Monetary Policy Committee (MPC) voted 6-3 in favour of holding this time, compared to 5-4 at the last meeting. This shows that for now at least sentiment is growing towards keeping rates where they are. This in turn has filtered through to mortgage products on offer from lenders, with the best deals nearly 1% lower than a few months ago. If you were put off moving or remortgaging in the Summer, now could be a great time to revisit your options.”
If you have any questions for Alex or Sam then please email either Alex on alex@mishonmackay.com or Sam on sam@mortgage-medics.com.