The Bank of England has maintained the help to the economy and the property market by leaving bank rate at 0.5% for another month.
The Bank Rate was previously changed by a reduction of 0.5 percentage points to the current 0.5% on 5 March 2009. This will no doubt encourage the property mortgage rate for the majority of lenders to stay at relatively low levels.
Building Survey and Valuation data has shown that the general property market is relatively active for those able to pay larger deposits. The extent of the recent stamp duty changes on property sales has yet to be accurately established. Many lenders are charging higher rates and limiting the availability of funds to those with smaller deposits available for property purchases.
8 April 2010