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How Will The Interest Rate Cut Affect The Leicester Property Market?

The Bank of England (B of E) announced that the base interest rate will be cut by 0.25 to 4.75%.

This is good news for the property market.

Why?

The B of E’s base rate influences the interest rates many lenders charge for mortgages, loans and other types of credit they offer people. 

A reduction in the base rate means you can usually borrow money for less.

What does it mean for me?

Well, let’s look at some different situations people are in. 

I’m thinking of buying a home

You may find more competitive rates on the market following today’s decision. So, if you haven’t already spoken with an independent mortgage adviser (we can provide recommendations), now’s the time to do it.

I’m thinking of selling a property

Interest rate cuts are often accompanied by a rise in buyer confidence linked to more affordable mortgages. A reduction in the base rate can also lead to deals being done more quickly as buyers act decisively to take advantage of cheaper mortgage deals.

I already have a mortgage

One of the scenarios below may apply if you already have a mortgage.

Tracker mortgages – Tracker deals usually have rates directly linked to the base rate, so if and when it changes, your mortgage rate will (usually) change.

Fixed-rate mortgages – If you have a fixed-rate mortgage, the rate remains the same for a specified time and will be unaffected by base rate changes. However, when you are due to remortgage, you may find that the deals available are significantly different due to base rate changes. This can be a positive/negative, depending on what deal you’ve been on.

Standard variable rate (SVR) or discount mortgages – A discount mortgage has a rate at a set amount below the lender’s SVR. The lender sets the SVR but is often influenced by the B of E’s base rate. This means you may see changes to your discount or SVR mortgage rate now the base rate has changed.

I’m a property investor 

An interest rate cut generally creates better conditions for property investing by lowering borrowing costs. However, balancing your strategy to avoid over-leveraging while planning for future rate changes can help you make the most of the current mortgage offers while protecting your investments for the longer term. Seeking expert financial advice would be our top tip if you are in this scenario.

What it means for the property market

No one knows for sure what will happen. Absolute certainty only lives in the realm of internet Nostradamuses, Mystic Megs, and the annoying know-it-all down the local pub. 

However, cuts to interest rates usually lead to more activity in the market from buyers, sellers, and investors.

Many financial experts predict the downward trend (two rate cuts since August 2024) will continue. 

And this type of momentum tends to give buyers and investors a sense of confidence rather than caution.

What’s next?

The next Bank of England announcement on the base interest rate will be on Thursday, 19 December. 

Will it be an early Christmas present for homeowners, investors and property seekers?

Whatever happens, we will be ready to keep you informed.

Please contact us if you have any questions about the latest interest rate decision.

If you found this article helpful, please consider sharing it with a friend or family member. 

Thanks for reading.

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