The first Bank of England rate cut for four years has led to an immediate upturn in buyer activity, according to Rightmove. Estate agents have seen a 19% jump in the number of people contacting them about homes for sale since August 1, compared with the same period last year.
While the housing market was unusually slow in 2023 because of high interest rates and the cost-of-living crisis, the figure also represents a jump from the 11% year-on-year uplift seen in July.
The Bank’s Monetary Policy Committee voted to reduce the base interest rate to 5% at the start of the month, a quarter point cut.
Rightmove said the average new-seller asking price across the UK had fallen 1.5% in August to £367,785, a £5,708 monthly drop.
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