Last week’s shock interest rate cut has been welcomed by estate agents in Coventry and Warwickshire.
Clive James, director of Brian Holt, which has offices in Leamington, Kenilworth, Earlsdon and Coventry city centre, says the news is a very unexpected, encouraging step in the right direction.
And he says if the reductions are passed on to mortgage holders it will be a catalyst to restimulating the housing market.
“This is a bold move and one which will go some way toward improving confidence among the home buying public. This, coupled with the increase in stamp duty threshold earlier in the autumn, which is helping first time buyers who are a vital cog in the home buying and selling process, will give the market a decent leg up.
“We expect this latest positive move will reignite interest among people worried about buying and selling during the current climate and spark a rise in sales and the number of homes coming onto the market.
“We have to bear in mind that that even in a buoyant market sales slow between mid November and mid January either side of Christmas. So it is likely to be the beginning of next year when we see a real, marked difference. This should create more fluidity and we will see a steady market with prices levelling out..
“It would also help to increase the stamp duty threshold to £250,000 and to suspend the pointless Home Information Packs which are an enormous and useless waste of £300 or £400.
“The rate cut won’t be an answer to all the ills the economy is currently experiencing but will go a considerable way towards unblocking the worsening situation. At last the Bank of England has taken some much needed decisive action.”
• Clive James, director of Brian Holt estate agency, says last week’s shock rate cut will go some way towards unsticking the market.