Bank of England Spring update

News at Cameron King | 25/03/2024

Bank of England Spring update

On Thursday 21st March 2024, the Monetary Policy Committee (MPC) of the Bank of England convened to assess their efforts in combating inflation and make necessary adjustments to the bank's base rate.

The MPC decided by a majority of 8-1 to keep the base rate at 5.25%. One committee member proposed a decrease of 0.25% to 5%. This decision aligns with a decrease in inflation to 3.4%...

According to experts at Asset Plus, this means for mortgages that:

  • The MPC has chosen to hold the current rate as a result mortgage deals may stablise, but uncertainty in future rates is driving up competition.
  • The current level of lender competition is causing instabilty in mortgage rates.
  • Lenders are constantly introducing and withdrawing deals on short notice.
  • Recent reports fromthe BBC suggest that mortgage deals are being pulled within a mere 15 days of their intial posting, despite homeowners and buyers having a broad selection of options.
In August 2022, Rightmove discovered that over the past five years, March & April has had the highest volume of buyer inquiries per property listed for sale. Put simply, the months of March and April experiences the most intense competition for homes on the market, making it the optimal time to sell. This reinforces the well-known belief that Spring is the ideal time to list your property for sale.

If your'e thinking of moving this Spring or somply want an idea of what your home is worth, contact our office on 01628 667442 to arrange an 'obligation free' market appraisal.