In response to the Bank of England cutting the base rate to 4% from 4.25%, Nick Leeming, Chairman of Jackson-Stops, comments:

“The Bank of England’s ‘gradual and careful’ approach remains firmly in place, even against a shifting economic backdrop. While widely expected, today’s cut underscores the need to strengthen confidence amid signs of a softening labour market.

“For mortgaged homeowners wanting to make their next move this decision offers timely relief, and lower borrowing costs should help to unlock activity across the market.

“Regional disparities continue to shape market performance. Across the Jackson-Stops network in the mid-high end of the market, towns like Bury St Edmunds, Chichester and Colchester are seeing renewed buyer interest and modest price growth. Meanwhile, high completion levels in Colchester, Hale, Northampton, and Sevenoaks reflect sustained demand in lifestyle-led, commuter-friendly locations.

“These pockets of resilience highlight the realities of a market, driven by needs rather than nice to haves. As affordability improves and sentiment stabilises, we expect these regional strengths to continue driving market performance through the second half of the year.”