Credit: Bury Times
Bank of England’s Interest Rate Freeze: A Boon for Homeowners in Bury
Cardwells Estate Agents operating within the vibrant property market of Bury, heralds the recent decision by the Bank of England to halt interest rate increases as a significant boon for homeowners. After a string of 14 consecutive rate hikes, the Bank’s move to maintain the current base interest rate, amidst a backdrop of cooling inflation, has injected a sense of stability into the housing market. Andrew Cardwell, the managing director of Cardwells Estate Agents, underscores the positive implications of this decision, particularly for prospective buyers and sellers who have been navigating the evolving mortgage landscape in recent months.
Insights from Cardwells Estate Agents
Andrew Cardwell emphasises the pivotal role of stability in nurturing confidence within the property market, highlighting the relief felt by homeowners amidst rising mortgage rates. He contends that the cessation of interest rate hikes will provide a welcome respite for those contemplating property transactions, fostering a more conducive environment for decision-making. Moreover, Cardwell anticipates a potential ripple effect across the mortgage sector, with lenders likely to follow suit by adjusting their interest rates downward, offering further advantages to homebuyers. This development is especially pertinent for the estimated 1.5 million households poised to transition from fixed-rate mortgages in the upcoming year. The sentiment is echoed by Carl Fletcher, the head of residential property at Bury and Bolton-based AFG Law, who underscores the freeze in interest rates as a stabilizing force, particularly benefiting homeowners with tracker mortgages. Fletcher anticipates a period of sustained stability for mortgage holders, instilling optimism within the property market and facilitating smoother transactions for both buyers and sellers alike.
Read the full news article on Bury Times here.
