Bank Of England Interest Rate Cut November 2024

Today, the Bank of England made a strategic move, voting 8-1 to cut interest rates from 5% to 4.75%. This cut means more affordable mortgages, setting the stage for what experts predict will be a substantial increase in North-East property prices. With Halifax reporting that house prices are at their highest ever, there’s every indication the North-East market is set for continued growth.

Why the North-East? Property prices here are already climbing by around 5% per year, and predictions show an impressive 30% rise over the next five years. As interest rates trend downward, this growth could accelerate, putting North-East properties in high demand.

What’s Next? Analysts expect further rate cuts, possibly reaching 3.5% or even 2.75% over the next year, making buying conditions even more attractive. Lower rates mean cheaper borrowing costs, fueling demand and pushing prices higher—an ideal setup for anyone considering investing or buying a home.

Don’t Wait for Fear of Missing Out (FOMO) – The time to buy isn’t when prices are skyrocketing at 10% a year, but at the beginning of a rate-cutting cycle. Buying now could position you to enjoy both lower interest rates and future price growth.

Need Mortgage Advice?

If you’re considering buying a property or investing in a buy-to-let, this interest rate cut could make all the difference. For expert mortgage advice, whether it’s residential or buy-to-let, reach out to Gary from The Mortgage Brokerage.

0191 432 6177

gary@themortgagebrokerage.co.uk