UK Interest Base Rate Dropped By 0.25%

The Bank of England has announced its latest base rate decision, dropping the rate from 4.75 to 4.5% - a 0.25% decrease that results in the lowest base rate since June 2023. This news will bring a flurry of buyers back to the property market who have been waiting for drops in their mortgage rates, ready to secure their properties having waited for this highly anticipated drop.

It has been announced today by the Bank of England’s monetary policy committee that the latest base rate decision has been cut. The rate, previously at 4.75%, has now been cut by 0.25% down to 4.5%, which is the lowest base rate in the past 18 months. This drop will result in a flurry of activity, with those who were holding off and waiting for a drop to be announced now ready to move forward in their purchases and able to secure their mortgage at a lower rate.

Sarah Thompson, Managing Director of Mortgage Scout.

If you have been waiting for a drop in mortgage rates before moving ahead with a purchase, now is the perfect time to take action. Rates are at their lowest since 2023, and with previous decisions to hold the rate in place, it’s expected that we will not see another drop right away.

As house prices also continue to rise, smart buyers are balancing the increasing house value with the decreasing mortgage rate, securing the best price with the maximum opportunity for capital appreciation on their purchase.

If you’ve been looking to buy in the North West, this is your time to act. Reach out to one of our expert property consultants today for more information.