Rightmove reaction to inflation dropping to 3.4%
Official data published by the Office for National Statistics this morning showed inflation had fallen from four per cent in January to 3.4 per cent in February.
Matt Smith, Rightmove’s mortgage expert said: “Today’s news is positive, and every day is one step closer to when we might see the first Base Rate reduction, and mortgage rates are likely to reduce before this.
“I don’t think this will change the course of the Bank of Englands’s decision on the Base Rate tomorrow, but I expect both the Bank and home-movers will have some renewed optimism for the direction the economy and mortgage rates are heading in after today.”
Tim Bannister, Rightmove’s property expert adds: “The general feeling is one of positivity at the moment after a good start to the year for the housing market, albeit with most of the year still to go and some twists and turns likely still ahead. We’re seeing many buyers and sellers get on with moves after some held back last year, and in the short term, given we don’t expect any dramatic changes in mortgage rates, it looks like the trend to ‘get on with moving’ will continue.”
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