Brits snap up lower mortgage deals as Bank of England rate cut boosts property market

Britain's biggest high street lenders are continuing to slash borrowing costs after the Bank of England's first interest rate cut in four year sparked a boom in homebuyer activity.

It follows a prior easing of tracker rates, which fell in line with the Bank's 25 basis point rate reduction earlier this month.The improving economic environment, as well as the political certainty gained from the U.K.'s July general election, has led to an"immediate upturn," in buyer activity, Rightmove found.

Tim Bannister, Rightmove's director of property science, said that, while minimal, the rate cut had brought some relief to struggling homebuyers, adding that he expects activity to pick up further through the autumn. "While mortgage rates aren't yet substantially lower since the rate cut, the fact that the long-hoped-for first cut has finally arrived, and mortgage rates are heading downwards, is positive for home-mover sentiment," he said in the report.

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