Interest Rates Held: Webbers Estate Agency Comments

10th May 2024


Market Update


The Bank of England has once again decided to keep interest rates steady at 5.25%. This decision was widely anticipated, and Malcolm Prescott, Managing Director of the award-winning estate agency Webbers, commented on the news.

"We are not at all surprised to learn that interest rates have been held once more," said Malcolm Prescott. "It remains our view that interest rates will come back late summer in readiness for what is a traditionally busy time for property sales here in the West Country."

Malcolm Prescott further noted, "In the meantime, our local offices report a sharp increase in new listings to the market, indicating that the positive sentiment, pivotal to the success of the UK property market, is creeping back. In real terms, the present mortgage interest rate is still historically low, and our experience is that new buyers entering the market are already used to this new norm."

He also pointed out, "A large percentage of buyers in the UK are, in fact, cash buyers, and this is part of the reason why our business remains resilient in the face of many challenges in recent months."