Published: 08/11/2024 By David Price
David Price, Residential Manager in our Blandford Office welcomes yesterday’s Bank of England decision to reduce the base rate from 5% to 4.75%. The reduction will be a welcome relief to mortgage holders, and the rate is now at its lowest since June 2023, with hints of a further reduction in December.The expectation is four further reductions in 2025. Since the summer, the reduction in mortgage costs has resulted in four consecutive months of increasing mortgage approvals. In September, there were 65,647 approvals, which is the highest number since August 2022, just before the infamous Mini Budget.
David is optimistic that the decrease in rates combined with the increasing number of mortgage approvals will, in the next few months, lead to improving buyer numbers and what could hopefully be a positive start to 2025. To take full advantage of a buoyant new year market, why not contact David on 01258 452670, or our agents in your nearest Symonds & Sampson office.
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