Comment from Movera on Bank of England interest rate decision
06 February 2025
Nick Hale, CEO of Movera, commented:
"The Bank of England’s decision to lower the base rate marks a positive step for the mortgage and property markets, offering much-needed relief to borrowers after a prolonged period of high rates. While this cut could help boost confidence, the extent of its impact will depend on how quickly lenders pass on savings and whether further reductions follow in the coming months.
“For brokers and conveyancers, this shift may encourage more homebuyers and movers to re-enter the market, alongside continued demand in the remortgage sector. However, with affordability still a key concern, speed and efficiency in transactions will be crucial to helping borrowers secure the best available deals. The ONS inflation announcement later this month will provide further clarity on the long-term outlook, shaping expectations around future rate movements.
“We are focused on supporting the industry with digital solutions that make the homebuying and remortgaging process as smooth as possible. Whether rates fall further or stabilise, ensuring transactions are fast and efficient will be key to keeping the market moving."