Published: 12/11/2024 By Andrew Greenwood

The property industry has welcomed the Bank of England’s Monetary Policy Committee decision to reduce the Bank Rate from 5% to 4.75%.
With inflation running at 1.7%, well below the Bank’s 2% target at 1.7%, and wage growth at a 2-year low, the reduction was widely expected by the money markets.
It means lenders have mostly priced in the cut into their mortgage rates but the more than one million borrowers on tracker and variable deals will see more immediate falls in their monthly bills.
The reduction should also give buyers a significant confidence boost as, together with the 0.25% fall in August, it points to an ongoing trend.