Well, here we are again. The Bank of England has decided to give us another 0.25 per cent interest rate cut, and like a British summer, we're cautiously optimistic - while keeping our umbrellas handy.
Let's be honest - after two years of rates that made estate agents wince and homeowners consider moving back in with mum and dad, this reduction feels like putting on your summer jacket and finding a fiver in it – not world-changing, but it sure brightens your day.
So standby - this is pure adrenaline - the property market is, just possibly, showing signs of life. Now try to keep calm - I did warn you it was exciting.
And there’s more - stock markets are recovering to their pre-Trump-panic levels and our new trade deals with the US and India might turn that found fiver into, well £5.30 – but it all adds up right?
Interest rates have dropped GETTY What does this all mean for the average homeowner or potential buyer?
- Mortgage payments will get cheaper and more cuts are to come too
- Property values could stabilise and some of the old dinosaurs where the For Sale sign has grown roots may just sell
- First-time buyers will be closer to their home-owning dream
- Investors will earn even less in the bank – that could ignite buy-to-let again, much to the relief of tenants and unsold homeowners at the bottom of the market
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Jonathan Rolande shares his opinions JONATHAN ROLANDEThe timing, with summer approaching, couldn't be better – especially if another cut follows fast. The British are genetically programmed to be more optimistic when there's a slight chance of sunshine, and the economic forecast is finally starting to match our weather ambitions.
But let's keep some perspective. This rate cut isn't a magic wand - it's more like a gentle nudge in the right direction. We’re seeing what economists might call ‘green shoots’. That’s what the rest of us would call ‘so it’s not all bad news then'.
For those sitting on the property fence, this could be your moment. The market is showing signs of opportunity.
Or perhaps the sun has just gone to my head. Either way, it’s worth a second look. Just don’t forget your brolly.
Jonathan is the founder of House Buy Fast. For more information visit www.jonathanrolande.co.uk
