Target Group comments on BoE MPC decision

19 September 2024

Melanie Spencer, sales and growth lead at Target Group, said: “Even with the Fed’s sizeable cut last night, today’s decision to hold was still the most likely outcome, and expected by the markets, economists and by businesses across the sector. That little bit of stability has already allowed a number of lenders to tweak rates and engage in increasing competition for new business. The good news for potential borrowers is that this is likely to continue as we head towards the next potential cut, widely expected in November.

“Of course, the Bank of England will keep a close eye on inflation before making any further decision, along with a number of other key metrics and global markets that could throw a spanner into the UK economy.

“However, with expectations that rates and market conditions will continue to improve, it’s important lenders, banks and building societies are in the best possible position to meet rising consumer demand. Investing in the latest technology to drive efficiencies in application, decision-making and throughout the entire mortgage process has to be a priority as consumers continue to get their moving plans back on track. It’s also hugely important for brokers too, ensuring they are in a position to best support their clients.”