Rightmove reaction to Base Rate hold

Rightmove logo

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.”

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

You May Also Enjoy

Property for sale
Estate Agent Talk

5 Top Tips for Increasing the Value of Your Home

For some people, buying a home, working on it and then selling it is the primary goal to keep upgrading homes. Whether you choose to re-decorate or re-model the property, a renovation of your home can help to keep the ball rolling towards enabling you to secure a profit on your next house sale. Whilst…
Read More
Breaking News

Sdlt Hike Spurs Record Home Sales by Auction

iamproperty is crediting the recent Stamp Duty Land Tax (SDLT) hike and rising consumer awareness as the reasons behind a record-breaking quarter for Auction. The market conditions led to an 11% increase in the number of iamproperty Auction sales in the first quarter of the year, compared with the same period last year. iamproperty’s Partner…
Read More
Breaking News

Changes to mortgage affordability to support sales as house price growth cools

House price growth has slowed to 1.6 per cent annually, down from 1.9 per cent at the end of 2024, as buyer interest cools and the number of homes for sale continues to expand Buyer demand is one per cent higher than a year ago, while the number of homes for sale is 12 per…
Read More
Love or Hate Rightmove
Breaking News

Rents rise to new record despite boost in supply

The average advertised rent of homes outside of London has risen to a new record this quarter of £1,349 per calendar month (pcm), however it is the smallest increase in rents at this time of year since 2020: London rents also rise by 0.1% (+£3) to a 14th consecutive new record of £2,698 pcm this quarter…
Read More
Breaking News

Size Matters in Planning

The House Builders Association (HBA), the housebuilding division of the National Federation of Builders (NFB) has reignited its campaign for the planning system to adopt five clear site size definitions, replacing the current, arbitrary ones of ‘Minor’ (one to ten homes) and ‘Major’ (ten and above). Richard Beresford, Chief Executive of the NFB, said: “In…
Read More
Breaking News

Popping the Asking Price Bubble

Where in the Uk Can Buyers Snap Up Property Bargains and Where Properties Go for a Premium Above Asking Price   New research from fast selling property company, Upstix has uncovered the UK’s most surprising postcodes for snapping up a property at bargain prices this year, highlighting a widening gap between sellers’ expectations and the…
Read More