The Bank of England (BoE) announced their decision to hold the interest rate for the fifth consecutive time this week.
The current rate of 5.25% is the highest it has been for nearly 16 years, and it has been held at this level since August 2023. Previous to that, there was a run of 14 increases.
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By keeping the interest rate high, the BoE hopes to curb inflation, which is why they have been cautious about cutting rates despite the potential negative economic impact. Inflation has been falling since it peaked in October 2022 and now stands at 3.4%. However, this is still a way off the Bank’s target of 2%.
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Keeping an eye on these economic announcements is vital in all investment property strategies, and those in the property industry have been keenly tracking the changes in rates and sentiment to help them make their current investment decisions.
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Source: RWinvest