In response to the Bank of England holding the base rate at 5.25%, Nick Leeming, Chairman of Jackson-Stops, comments:

“Today’s decision to hold rates was widely expected but could suggest we are finally reaching the light at the end of the tunnel. Optimistic predictions are hinting that the Bank of England may be on course to begin bringing the base rate down as early as May.

“The reason for this greater positivity is that the battle against inflation is being won quicker than expected, but putting the UK on a more stable economic footing remains a marathon not a sprint. Given the close link between interest rates and monthly mortgage payments, current rates have challenged affordability, particularly at the lower end of the market. But holding rates offers a steady foundation that should allow the property market to build upon the cautious momentum we've witnessed in recent months.

“Across the Jackson-Stops network in February we saw an uplift month-on-month in appraisals, listings and exchanges, as well as a consistent number of prospective buyer enquiries year-on-year. Regional hotspots for Jackson-Stops such as Barnstaple, Chelmsford, Newmarket and Sevenoaks, saw a significant uptick in new buyer enquiries compared to new instructions in February, readying the market for a flurry of activity in the Spring.”