No surprise to see the Bank of England keep the base rate on hold at 5.25% at today's meeting. 
A vote of 7 - 2 in favour of keeping the base rate the same for the 7th consecutive meeting had been widely expected especially with a looming general election although there was some hope that a small reduction may be made following the latest inflation figures announcing that the magical target figure of 2% had been achieved. 
 
The expectation is that the base rate will in all probability be lowered slightly at the next meeting in August and it remains to be seen whether lenders will make any reductions to the mortgage rates ahead of then based on the longer term projections. 
For anyone looking to move home or re-mortgage then it is well worth seeking the advice of an independent financial advisor to start exploring your options early. 
The property market has shown great resilience over the past 18 months and the expectation is for a busy end to the year as any slight reduction in the base rate will surely tempt a number of people into moving having put plans on hold for a while. Furthermore there are a number of people who are acting now and getting their current homes on the market believing that property prices may well go up as the year ends on the back of increased activity and thus balancing off any future saving in mortgage rate with an increased purchase price. 
 
If you have any questions or require any guidance on what is best for you then please feel free to call us on 01452 260993, message us or email enquiries@rbwalters.co.uk 
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