Interest rate cut means more flexibility for new home owners

"Today’s news will potentially make mortgage repayments lower and therefore free up slightly more disposable income for a lot of households, but the size of the cut is unlikely to have a major effect on property sales.

"It will no doubt be welcomed by those looking to get onto the property ladder in the near future, as well as by homeowners on variable rate mortgages however, given that we are talking about a cut of a quarter of one per cent it is unlikely to have a substantial impact on activity in the property market.

"From our own experience, most homes are selling within three weeks and the majority of homes coming onto the market now are going to closing dates and achieving offers equal to or in excess of the Home Report valuation. This cut should see this trend continue for a longer period of time."