20th June 2024, In response to the Bank of England holding the base rate at 5.25%, Nick Leeming, Chairman of Jackson-Stops, comments:

"The Bank of England's decision to maintain the base rate, even as inflation has fallen back to the 2% target for the first time in nearly three years, is a testament to the cautious yet pragmatic approach being taken.

"The Bank's prudent hold fortifies market stability, bolstering the positive trajectory witnessed in the first half of the year - with rising viewings, listings, and buyer interest recorded across our network of offices. This continuity primes the market to capitalize on potential rate cuts in the coming months.

“While everyone in need of a mortgage would prefer rates to fall, it’s key to remember the bank is playing the long game here. This decision should instil confidence among both buyers and sellers, as it suggests a commitment to maintaining a stable environment for housing transactions. Buyers can proceed with their searches and secure mortgages without the uncertainty of fluctuating rates, while sellers can feel reassured that the market conditions remain favourable for attracting potential purchasers.

“A pivot towards lower rates later this year, even if only minor, would help to ease affordability constraints at the lower end of the housing market and help to ensure chains don’t break down once sales have been agreed. We eagerly await the next decision!”