The cut in the Bank of England interest rates marked a “step forward” for prospective buyers, some experts said.
Jonathan Handford, managing director at national estate agent group Fine & Country, said the announcement marked a “pivotal moment” for the housing market and, more importantly, a “significant step forward” for first-time buyers.
“The first interest rate cut of 2025 paints an optimistic picture for the year ahead and should provide a much-needed confidence boost for prospective buyers,” he said.
Marylen Edwards, director of mortgages at specialist lender MT Finance, said the rate reduction was likely to “catalyse increased market activity”, potentially offering first-time buyers a “more favourable entry point.”
However, she warned that borrowers should “temper expectations”.
“Mortgage rates may not immediately reflect the full extent of the base rate reduction,” she said.
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