What Impact Will the First Base Rate Cut Have on the Housing Market in Autumn 2024?

In short, this is the first cut since the start of the pandemic in March 2020, as a result of prolonged economic instability and inflation.

In response to the Bank of England’s decision to cut the base rate, leading professionals in the property industry have been sharing their thoughts as outlined below:

Nathan Emerson, CEO of Propertymark, claims: ‘Today’s rate cut is excellent news for the housing market and no doubt a huge sigh of relief for those who have felt the pain of higher interest rates for the last two years. Summer is traditionally a busy time of the year for the housing market, and today’s base rate cut should hopefully provide a new wave of confidence and affordability for many.’

Likewise, Andrew Lloyd, Managing Director at Search Acumen, claims: ‘The tide is now turning, signalling a shift in economic strategy that many hope will revitalise investment in real estate.’

At Myerson, we share this positive outlook and anticipate a surge in the housing market as Autumn 2024 approaches.

We anticipate a flurry of activity this Autumn and hope to see increased confidence in the housing market.

We look forward to helping first-time buyers, home movers, and investors make their next move.

We aim to make the legal process as seamless as possible, and if there are any bumps in the road, our experienced residential property team will be able to guide you through them.