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London, 4th August 2016 – Commenting on the decision to cut the interest rate to 0.25% and a range of measures to stimulate the UK economy, Andrew Burrell, head of Forecasting at JLL, said: “The Bank’s interest rate cut was widely expected after July’s disappointment. Other measures, including £70bn of new asset purchases, were more of a surprise, but still in line with previous hints by Governor Carney. It will be some time before the economic impact of these measures can be judged, but the announcement will help reassure investors and occupiers at a time of intense uncertainty.”Adam Challis, Head of residential research at JLL, added: “Today's 25 pt base rate reduction will signal to mortgagors that cheap mortgage rates will be around for even longer.This will benefit many would be home-movers and we are encouraged by the Term Funding Scheme that will ensure lenders pass on most of the rate reduction to consumers.More important for the housing market is a strong, stable economy and the rate cut will help. Post-referendum, we need greater certainty that will encourage housebuilders, protect jobs, and ultimately provide a range of housing that people can afford."
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