Today’s Bank of England MPC bank rate announcement: Comment from Mark Tosetti, Group Partnerships Director at Movera

Following today’s Bank of England MPC bank rate announcement, please find below a comment from Mark Tosetti, Group Partnerships Director at Movera:

Mark Tosetti, Group Partnerships Director at Movera, a group of home moving businesses including ONP Solicitors, commented:

“Despite falling inflation. the Bank of England’ s decision to hold the bank rate at 5.25% for the fifth month in a row is hardly surprising. The decision aligns with its continuing strategy for monetary policy to be restrictive until inflation is returned to its 2% target.

We can but hope that a rate cut will be made later in the year. Should this happen, we could see more mortgage rates cuts which would be no small relief for both new borrowers and homeowners looking to remortgage. Currently, it’s a turbulent time for the home-moving market, with yo-yoing and short shelf-life mortgage rates. We must all pull together to support homebuyers as the situation evolves. As ever, our focus at Movera will be on providing fast and reliable services for those looking to move or remortgage this year.”

Published: 21 March 2024