Edinburgh’s leading solicitor estate agent has welcomed the decision by the Bank of England to cut the base interest rate by 1% and has claimed the move could help encourage first-time buyers into the property market.

Scott Brown, Estate Agency Partner with Warners, said: “This decision may look like a dramatic move – particularly as it follows last month’s 1.5% cut – but it is welcome news for the property market. It shows that the Bank of England is not afraid to tackle the current economic problems head on, which is very encouraging.

“Provided the base-rate reduction is passed on to customers through mortgage lenders, this move could help encourage first-time buyers to make their first step on the property ladder. At the moment, there are plenty of would-be purchasers out there who have been waiting for something like this to spark them into buying a home.

“We have been suffering from a lack of confidence for many months, which has seen the number of property sales drop across the whole of the UK. The Bank’s decision to cut rates by 1.5% last month showed that they were serious about tackling this issue and this latest cut will bring even more welcome relief for borrowers and act as an incentive for new buyers to enter the market.”