The Bank of England has lowered its base rate by 0.25% to 4.5%, a move that will bring cheaper loans and lower mortgage rates, supporting increased activity in the property market. This is the third rate cut since August, creating a favourable environment for both buyers and sellers as we approach the winter months.
While the cut provides lower borrowing costs, it also means reduced returns for savers.
House hunters are expected to take the opportunity to purchase properties before 31st March 2025, when the new Stamp Duty rates take effect.
Overall, these changes are anticipated to drive increased activity, strengthening the housing market as the year draws to a close.
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