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Main office
COLBURN
5 & 6 BAILEY COURT
COLBURN BUSINESS PARK
RICHMOND
NORTH YORKSHIRE
DL9 4QL
Estate Agency Offices are located in
BARNARD CASTLE, BOROUGHBRIDGE & RICHMOND
Residential Management Team
Our Offices
The property market has started to pick up since the recent general election, with the Bank of England’s (BoE) latest interest rate cut set to further bolster buyer confidence. This rate reduction comes at a time when there is an abundance of good quality properties at sensible prices, making it an opportune moment for potential buyers.
John Coleman, Head of Residential Sales at Northern property firm GSC Grays, commented, “We have witnessed the recent general election bringing renewed energy to the property market, and the Bank of England’s interest rate cut will most likely prompt lenders to reduce mortgage rates, giving buyers even more confidence. With good quality properties available at sensible prices, this is an excellent time for buyers to enter the market.”
“The BoE has reduced the Base Rate to 5%, a 0.25% cut marking the first reduction since 2020. This follows 14 consecutive rate increases aimed at curbing inflation, which was over 10% in early 2023 but fell to the 2% target by mid-2023.
“The decision to cut rates comes amidst uncertainty, as persistent service sector inflation had cast doubt on whether the BoE would maintain or reduce rates. The Bank’s objective is to strike a balance between reducing inflation and sustaining overall economic health.”
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