The Bank of England has, as expected, maintained the base interest rate at 4.50% following the latest meeting of the Monetary Policy Committee. Governor Andrew Bailey commented, "Whilst there is a lot of uncertainty at the moment, interest rates remain on a gradually declining path."
This decision follows a February rate adjustment, where the base rate was reduced from 4.55% to 4.50%, continuing its descent from a peak of 5.25% last year. In its summary, the Committee noted that "global trade policy uncertainty has intensified after the U.S. imposed new trade tariffs."
Malcolm Prescott, Managing Director of Webbers Estate Agents, remarked, "The Bank holding rates really is no great surprise, but we are pleased and encouraged to hear the Governor still quoting that we are on a declining path in terms of future rate decisions. Many are still saying that we will see two further rate cuts in 2025."
“Positive Market Activity”
Lindsay Braddick, Residential Sales Director, noted, "We have experienced a really solid start to 2025 as we enter the busy Spring market. January and February sales were around 15% up on the same period last year, demand is increasing, and we still have an exceptional choice of properties to offer buyers looking to move."
New homes sales have also been brisk. "We are the selected agents selling a wide selection of new homes for Chichester Developments in North Devon, and activity in all price bands has exceeded expectations," added Lindsay.
With longer evenings, warmer days, and the arrival of Spring, estate agents anticipate a surge in activity over the next three months—traditionally the busiest time of the year for property sales."
There is no better time than now for home-sellers to move, and our experienced agents across the region are here to help, guide, and advise.
