Boxall Brown & Jones are pleased to report that the bank interest rate has today been cut, helping to boost the local property market. Homeowners have received a much-needed lift after Bank of England policymakers cut interest rates for the second time in three months.
The Bank's nine-strong Monetary Policy Committee (MPC) voted to trim rates by a quarter-point to 5.25% amid growing signs of a slowdown in the economy and a cooling housing market.
The decision to shave rates will reduce monthly repayments on a typical £100,000 mortgage by around £16 a month and those with a home loan of £250,000, will see around £40 knocked off their monthly repayments.
