Following the Bank of England’s decision to hold the base rate at 5.25%, please find below commentary in response from Nick Leeming, Chairman of Jackson-Stops:

“This might be the dawn of a new era, ushering a hopeful period of stability for mortgage holders. Finally, the Bank of England is reigning in from further action as inflation marginally falls, dropping from 6.8pc to 6.7pc last month. A momentous sigh of relief can be heard up and down the UK, especially those half a million mortgage borrowers whose fixed-rate deals are coming to an end. The pause in rate hikes is an unquestionable win for homeowners.

“Whilst the effect on consumer spending will continue to be impacted by inflation in the short term, the housing market is driven by a pool of lifestyle and needs-based buyers, in which larger life-changing purchases are being prioritised; a trend we’re seeing across our national network of branches. If banks continue their pattern in offering more competitive mortgage deals, this could give the housing market a sprinkle of activity before the year’s end.”