Following today’s interest rate data trade body Propertymark has called on the Bank of England to start considering lowering the base rate and revitalising the housing market.
UK inflation for February came in at 3.4%, down from 4%, according to the latest figures from the ONS. Inflation now stands at its lowest in more than two years.
Nathan Emerson, CEO of Propertymark, said: “This is an ideal time for the Bank of England to start considering a cut in interest rates when they meet this month.
“Andrew Bailey, the Governor of the Bank of England, said recently that inflation does not have to fall to 2% before the central bank starts considering cutting interest rates.
“Propertymark’s own Housing Insight Report shows that there has been an average 120% increase in the number of potential buyers registered per member branch and this is potentially an ideal time to revitalise the housing market.”
The Bank of England will announce its decision on interest rates tomorrow.
