Friday News #049 – UK interest rates slashed to lowest level ever

Friday News #049 – 20th March 2020

Property remains to be a far more stable and tangible asset than alternative investment types. Experts are predicting prices to steadily rise in 2020 despite the pandemic; the UK property market is incredibly resilient as history proves.

Whilst there will be disruption to our usual routines, this time that many of us are now spending at home presents a great opportunity to reflect, recharge and set out future plans. Site visits might not be possible but the beauty of our line of business and the technology available to us is that so much can be achieved virtually.

Here’s what we’ve seen in the news this week:

Coronavirus: UK interest rates slashed to lowest level ever: The Bank of England has cut interest rates again in an emergency move as it tries to support the UK economy in the face of the coronavirus pandemic. It is the second cut in interest rates in just over a week, bringing them down to 0.1% from 0.25%. Read more on the BBC.

How coronavirus is affecting the property market – will UK house prices drop? Experts are predicting house price rises of 2 per cent over the year despite coronavirus. Read the reasoning behind these predictions in The Telegraph.

Government extends mortgage payment holiday to BTL: The government confirmed that landlords will also be able to apply for a three-month payment holiday on buy to let mortgages under emergency coronavirus legislation. Read more from the Financial Times Adviser.

Organisations welcome government action to support landlords and tenants: A number of property firms and landlord organisations have welcomed government action to support landlords and tenants affected by coronavirus. Read the full article to see what other measures they believe should be taken.

Direct Line for Business launches ‘fixtures and fittings’ cover for landlords: Leasehold landlords who are not responsible for buildings insurance can now insure their permanent fixtures and fittings the freeholder’s building policy will not cover. Read more.

Wolverhampton, property strategy, and the current UK market: In case you missed it, watch our Developer Interview with Empire Property Concepts and Solomon New Homes on YouTube.