Rightmove reaction to Base Rate hold
At its meeting ending on 20 March 2024, the Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 8–1 to maintain Bank Rate at 5.25%.
Matt Smith, Rightmove’s mortgage expert said: “Although today isn’t the day for the first Base rate cut, each day that passes is one step closer, and it’s very much a ‘when’ rather than ‘if’ we see the first drop from 5.25%.
“Mortgage rates have risen slightly over the last 6 weeks but it does feel like the pressure on lenders to increase rates has dissipated, with some lenders having already cut rates in response to yesterday’s positive inflation news. This may mean that average mortgage rates start to fall back in the next couple of weeks. If this is the case it will be first time average rates will have reduced in over a month.
“Home-movers shouldn’t expect to see a rush of rate cuts, but the two announcements this week should hopefully continue to give movers more confidence than they perhaps had at the start of last year. That’s certainly been the theme so far after the first quarter of the year – with more people enquiring to purchase homes, more sellers come to market and more sales being agreed than this time last year.”
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