Interest rates remain frozen – mortgage industry reaction
May 2, 2019
The Bank of England has made the decision to keep interest rates frozen at their current level.
Managing Director of One77 Mortgages, Alastair McKee, commented:
“In the current climate of Brexit uncertainty, a freeze in interest rates was one thing that we could bet on.
While wider market conditions remain tough, this further assurance of continued mortgage affordability should help boost confidence in an otherwise beleaguered property market.
However, although today’s news will help stimulate buyer sentiment, fuelling buyer demand is a temporary plaster over the issues surrounding the UK market and we still need to address the wider issue of supply to improve its long-term health.”
You May Also Enjoy
House price growth remained subdued in July
UK annual house price growth slowed to 1.8% in July, from 2.2% in June House prices were up 0.1% month on month Average time in a home is 14 years: 24 years for those owning outright and 5 years in private rented sector Three quarters of moves were within same tenure type in 2024/25 Headlines…
Read More 
Rent hikes and tighter tenant checks as landlord costs climb
Rising costs are prompting 63% of professional landlords to raise rents, prioritise lower-risk tenants and reassess portfolios Renters face a more expensive and more selective rental market as professional property investors respond to re-emergence of realistic gilt yields, rising operating costs and regulatory change by increasing rents and reassessing tenant risk and selection criteria, according…
Read More 
North-South divide for time to move as Londoners see longest wait
New analysis reveals a north-south divide in the time it takes to move home: In London it takes 174 days on average to go from agreeing a sale to completing a move, whereas it takes 141 days in the North East Scotland is the fastest part of Great Britain at 98 days, due to the…
Read More 
Dispelling the top five biggest letting agent myths
By Sophie Danes, Group Director of Property Management, Lomond This year has seen the introduction of the seismic Renters’ Rights Act (RRA) as well as other changes affecting the private rented sector (PRS) coming into force, such as the rollout of Making Tax Digital (MTD). As a result, more than ever before, there is…
Read More 
Bank of England Holds Interest Rates at 3.75%
Colleen Babcock, property expert at Rightmove says: “There’s stability for now as the Bank of England holds its Base Rate as widely expected. We’ve seen average mortgage rates increase over the last few weeks as geopolitical tensions have escalated, and the average two-year fixed rate is currently coming it at 5.11%. For broader context, this…
Read More 
Average new-build value to surpass £400,000
The latest research from UK Property Development has found that the average price of a new-build home in England is on course to exceed £400,000 by 2027, having risen steadily over the last decade alongside sustained growth across the wider British market. The research analysed average new-build house price data across Great Britain and its…
Read More