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Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “Swap rates (which are used by lenders to price mortgages) continue on a downwards path with some lenders dropping their mortgage rates, in part reversing recent increases.
Average UK house price hit new record high of almost £300,000 in January Affordability is still a challenge for many would-be buyers.
Amanda Bryden, head of mortgages, Halifax, said: “The UK housing market started the year on a positive note, with average prices rising by 0.7% in January, more than recovering the slight dip of 0.2% in December.
Iain McKenzie, chief executive of the Guild of Property Professionals, said: “The decision to cut the interest rate should further improve affordability, widening the buyer pool and sustaining price growth to some degree.
“The latest rate cut was largely expected by the markets and has been factored into pricing already, but a continual decline in swaps would enable lenders to price more keenly, easing borrowers’ affordability concerns.”.
