UK Property Buyers Return to Market After BOE Interest Rate Cut

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Bloomberg,Rightmove,Property Market

(Bloomberg) -- Britain’s prospective home buyers stepped up their search for property after the Bank of England’s first reduction in interest rates since the...

-- Britain’s prospective home buyers stepped up their search for property after the Bank of England’s first reduction in interest rates since the start of the pandemic, Rightmove Plc said.The online property portal said the number of buyers contacting estate agents to view houses for sale jumped 19% from a year ago since the BOE decision on Aug. 1, an acceleration from the 11% increase across the month of July. The number of sellers coming to market also rose by 5% compared to a year ago.

Rightmove upgraded its 2024 forecast for asking prices after the surge in activity in the property market since the central bank reduced rates from a 16-year high. It now expects a 1% gain in asking prices across 2024 as a whole, up from its previous forecast for a drop of 1%. Currently investors are only fully pricing in one more quarter-point cut by the UK central bank by the end of the year.Singapore's Wooden Building of the Future Has a Mold ProblemKen Tanigawa wins Rogers Charity Classic in Calgary for 3rd PGA Tour Champions title

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