Traffic to the property website Rightmove jumped immediately on yesterday’s interest rate announcement and email leads to estate agents rose by 11.3% over the same time period.

Following the Bank of England Monetary Policy Committee’s decision to cut interest rates by 1.5 per cent, Melfyn Williams, Past President of NAEA, said:

“It is good news for the housing market that the Bank of England has reduced interest rates – the ball is now in the court of the banks.

“We are calling on all of the major lenders to commit to passing these savings onto the consumers.

“That will help hard working families who want to move home, and the thousands of young people looking to buy their first property.

“It should also help address the current rash of repossession orders. This interest rates reduction, coupled with a clear move from the lenders, would send a strong and positive signal to house-hunters and owners everywhere that may result in improved consumer confidence.”

Lets hope that the cut in interest rates helps to further stimulate the property market.

Boxall Brown & Jones are always available to offer first class, straight forward advice on the best way to proceed with the potential sale or letting of your property.  For help and advice call us on 01332 383838