Bank of England interest rates cuts!

04 December 2008

Following the recent news around the Bank of England’s interest rate cut and the Government’s mortgage rescue plan many questions have been asked around the potential impact on the housing market.

What is the general view on these practical measures?

That the practical measures implemented by the Government and the Bank of England should finally help to bring the housing market problems back under control.

Cutting the base rate?

Today’s decision to cut the base rate down to 2.0%, the lowest level since 1951, should help boost consumer confidence significantly and may be the impetus that the banks need to pass on lower and competitive rates to their clients. Also a return to more sensible lending practices. In short restarting the mortgage market and therefore helping the housing market.

The view on offering Security against repossession?

By offering homeowners security against repossession, the Government’s mortgage rescue plan will also improve confidence further and we should begin to see an increase in activity and transactions as a result. I hope and believe that we are on our way towards a more stable housing market?

What about selling your home in the current market?

Bates & Co has averaged one house sale a day this week, which is unusual in the current market. Selling your home has always been about maximizing the presentation of your property and picking a proactive agent. In a strange way it has been the recession which has helped Bates & Co demonstrate the importance of working harder and offering more in the way of innovation.

Click here to: Compare Estate Agents in Eastbourne & Hailsham plus areas.

Source

Estate Agents in Eastbourne