5 Dec

Rate cut forecast tipped to boost buyer sentiment

Rate cut forecast tipped to boost buyer sentiment

Buyer confidence and interest in returning to the housing market are likely to improve as a result of yesterday's base rate cut, the head of a new build housing firm has stated.

Smartnewhomes.com managing director Dave Bexon said the move "will offer another boost to consumer confidence and could prompt a surge in speculative buyers looking to enter the new homes market".

Noting that the day after the last cut saw a 14 per cent rise in enquiries, Mr Bexon suggested a similar occurrence may take place this time.

However, he added, it is important to see lenders pass on the cut and for the overall level of mortgage lending to rise.

The Association of Mortgage Intermediaries (AMI) made a similar point.

AMI director general Chris Cummings said the cut was "welcome", but added that it was "vital" for the level of mortgage availability to increase.
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