Movera’s comment on BoE’s base rate decision to hold

19 September 2024

"The Bank of England's decision to hold the base rate at 5% provides a measure of stability, which is not entirely negative for the surveying sector. While affordability challenges persist for home buyers, a steady base rate allows for more predictable market conditions. Buyers and lenders can plan with more certainty, and this consistency can help the housing market find its footing.

“For the surveying sector, the focus will remain on accurate valuations and risk assessments, but with the market settling, there’s an opportunity to adapt to the new norm. The sustained rate environment gives surveyors the chance to refine their processes and ensure they are providing the most reliable data to both buyers and lenders.

“The question now is: how will the sector continue to innovate and support home buyers in a market where rates remain elevated but stable?"