Interest Rate Hold Fails to Stall Property Market Momentum
The Bank of England’s decision to maintain its base rate has prompted a range of responses from across the property sector. While the lack of a rate cut may have disappointed some buyers, leading figures in the industry suggest that the market remains resilient, with strong signs of continued activity and confidence.
Matt Thompson, Head of Sales at Chestertons, acknowledged that some buyers have paused their search in anticipation of rate reductions and broader mortgage product offerings. However, he highlighted that sub-4% fixed-rate mortgage deals are still available, which may encourage a resurgence in buyer interest in the coming weeks.
Jean Jameson, Chief Sales Officer at Foxtons, emphasized that the stability of interest rates is helping to restore market confidence. She noted a notable uptick in mortgage approvals, which are translating into more offers and sales being agreed, supported by increased competition among lenders reintroducing attractive rates.
Nick Leeming, Chairman of Jackson-Stops, pointed to a level of economic uncertainty but stated that serious buyers remain undeterred. He reported a significant increase in new listings across the network, underscoring a healthy level of buyer and seller activity despite the wider macroeconomic backdrop.
Nathan Emerson, Chief Executive of Propertymark, welcomed the stability brought by the Bank’s decision. While acknowledging that a base rate cut would have been a welcome boost, he noted that the current environment remains favourable compared to the volatility seen in recent years, particularly as the market enters its traditionally busy summer period.
In summary, although the anticipated rate cut has not materialised, the UK property market continues to demonstrate resilience. Competitive mortgage rates, increased listings, and stable economic indicators suggest a positive outlook for buyers and sellers in the months ahead.
