Rightmove comment on inflation reducing to 3.2%
UK inflation slowed less than expected last month, making traders and economists more cautious about the likely pace of interest rate cuts.
Matt Smith, Rightmove’s mortgage expert said: ‘It’s positive to see inflation continuing to fall this morning, albeit not by quite as much as expected, as the blocks continue to build towards the anticipated first Base Rate cut later this year. The market is proving resilient despite broader global uncertainty, however, continued stability in mortgage rates should be seen as a positive outcome over the next few weeks.”
Tim Bannister, Rightmove’s property expert said: “It’s been a busy spring housing market so far, with more stability in the mortgage market a contributing factor to this. Many will still be feeling the impact of cost-of-living pressures, with inflation still above the Bank’s target and mortgage rates still high. However, others may now be starting to feel some of the impact of drops in inflation, average wage increases, and stable rates and property prices, which may encourage some to consider a move.”
You May Also Enjoy
Homeowners in England and Wales overvalue their properties by an average of 16%
Emergency Sidewalk Repairs: When to Act and Who to Call
Reapit report reveals agents’ long-term market confidence amid legislative challenges
Owner-Occupiers Drive Resilient Commercial Property Market
One year of Labour: Property market performance review
