“Holding rates today reflects the air of uncertainty that has entered the UK economy. A combination of geopolitical tensions, as well as continuing inflationary pressures at home, has resulted in any rate reductions being deferred until later in the year.
“The economy, while not in unchartered territory, is having to adjust in real time to manage inflation and reassure consumers. For the property market, today’s decision to hold rates will not immediately effect mortgage rates on the market but it may cause slight hesitancy to enter into the buying process.
“Committed buyers will not be knocked off course by the Bank of England’s actions today, the market remains in a robust position with completions able to take place. Further proof of the market’s resilience is being seen across the Jackson-Stops network with a notable uptick in new listings in May compared to two years ago. High volumes of buyers and sellers are willing to press on and take their next step irrespective of wider economic headwinds.”
