Bank rate cut to 5% "Extremely encouraging", says Phoebus
01 August 2024
Richard Pike, chief sales and marketing officer at Phoebus, said: “The 14 consecutive increases in the Bank’s base rate between December 2021 and August 2023 to its year-long fix at 5.25% have driven up mortgage rates tremendously with a negative impact on the UK property market and the economy.
“That the Monetary Policy Committee has now seen fit to reduce the rate is extremely encouraging for the both the property market and the UK’s economic outlook. Market sentiment has been much improved compared to this time last year.
“Things are finally looking up for originators, and we can expect to see lenders reducing existing borrower and new business rates fairly quickly. Expect competitive pricing in the market across all products moving forward.”
