Today, August 4th 2016, the Bank of England announced that it has cut UK interest rates from 0.5% to 0.25% - a record low and the first cut since 2009. The change was approved by the nine members of the Monetary Policy Committee (MPC) and it is the first change in interest rates since March 2009.
Ian Westerling, Managing Director, Humberts commented:
"The interest rate drop is great news for homeowners – especially those with tracker mortgages who will experience immediate benefits. This is welcome news for the property industry post Brexit and will inject an exciting energy into the late summer sales market. We expect to receive healthy interest especially from downsizers looking to re mortgage and release equity for their retirement together with first time buyers who may now be able to get a foot on the property ladder."
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