LiveMore comment on the BoE’s base rate decision

20 June 2024

Please find below, comment on the BoE base rate announcement from Simon Webb at LiveMore, the mortgage lender for the 50-90+ age group.

Simon Webb, managing director of capital markets and finance at LiveMore, commented:

“The Bank of England’s decision to again hold the base rate at 5.25% comes as no surprise, continuing the bank’s trend of following market sentiment instead of steering it.

“Unfortunately last week's manifestos also offered little stimulation to help older borrowers. The Conservatives' pledge to increase the threshold at which first-time buyers pay Stamp Duty to £425,000 from £300,000 offers no support for older buyers, effectively trapped in their homes. If stamp duty was lifted for all buyers up to this threshold it would enable older borrowers to downsize, freeing up larger homes for younger borrowers.

“The Labour pledges similarly fail to address older borrowers’ needs despite the very real fact that we have an ageing population, with over 20 million people currently over 55.”