For-sale stock of homes up 14% in August compared with year before as interest rate cut boosts activity.
The first Bank of England rate cut in four years has triggered an immediate upturn in the UK property market, as cheaper mortgages prompt interest among buyers and drive up house prices.
The recent rise in the UK inflation rate to 2.2% could impact the timing and likelihood of interest rate cuts, but it may not entirely stop them from happening.
Lower mortgage costs and more interest rate cuts could fuel a rise in house prices for the rest of this year, Halifax has said.
Rightmove’s report states that one of the most pressing concerns in the current property market is the elevated interest rates, which are continuing to stretch affordability. Now, all eyes are on the Bank of England’s next meeting in August.
