With the EU referendum and the subsequent knock-on effects still very much at the forefront of our minds, not a week seems to go by without a new fact or figure impacting the housing industry.
Last week was no exception as the Bank of England announced its decision to slash UK interest rates from 0.5% to 0.25%, which was of course welcomed by housebuilders and homeowners alike.
As the interest rates are at their ‘lowest level ever’, we believe this will have a significant impact on those with tracker mortgages.
It’s encouraging to see that during such a period of uncertainty, potential home buyers can look at the property market with a positive pair of eyes. The Bank of England has announced that the cut would lower borrowing costs for households and businesses. Coupled with the rising popularity of Help to Buy, it’s a promising time for buyers, especially those trying to get on the ladder.
Peter Andrew, deputy chairman of the Home Builders Federation, has said that the “demand for new build homes remains strong and sales rates have been solid”, confirming the lack of impact the EU referendum has had and confirming that now is in fact a great time to buy. This demand is expected to continue, allowing the industry to “maintain and build on the big increases in output over the last three years”.
Here at Story Homes, we fully support the move to lower interest rates and are encouraged by the Government’s commitment to supporting homeowners, particularly those looking to buy a new build.