Warners Says Interest Rate Freeze Will Bring Stability to Property Market
Thursday, July 9th, 2009
on behalf of Warners Solicitors and Estate Agents
Edinburgh’s leading property solicitor has responded to the Bank of England’s latest decision to freeze interest rates at 0.5% for a fourth consecutive month.
Speaking about the announcement today, Warners estate agency partner Scott Brown said: “The decision to leave interest rates unchanged is a positive move for the property market. It shows that the Bank of England is promoting stability in the financial sector, and that stability is also being felt in the property market.
“In the past four months – during which time interest rates have remained steady at 0.5% – we have seen steady growth in consumer confidence throughout the local property market. Buyers are continuing to hunt for properties and, although sales are down on their peak levels from two years ago, there are still many people buying and selling homes. We have even seen the return of closing dates on some properties, which is a very positive sign.
“By keeping the base level steady, the Bank of England is helping to continue this stability in the market. It also sends out a message to buyers that rates are now at their all-time low and are unlikely to fall any further, so if you are considering moving along the property chain, there is no point in waiting for a better deal to come along.”
Warners has been the leading property solicitor in Edinburgh in terms of property sales and listings for the past decade. The firm is supported by public relations experts Holyrood Partnership PR in Edinburgh.