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Base rate held and no more QE for now

The Bank of England’s Monetary Policy Committee has decided to hold the base rate at 0.5% for the 39th consecutive month and to keep its quantitative easing programme at £325bn.

In February, the Bank voted to increase the size of its QE programme by £50bn to £325bn. This round completed last month.

The minutes of last month’s MPC meeting show David Miles was the only member out of nine to vote for QE to be boosted by a further £25bn.

Ben Thompson, managing director at Legal & General Mortgage Club, says: “With the economy still uncertain, it is no surprise to see interest rates unchanged.

“This will hopefully encourage people who want to move house to think about doing so.”


Gap between direct and broker rates up 0.69%

The price difference between the average direct and intermediary two-year fixed rate has shot up by 0.69% in the past year, according to data from The average broker two-year fix is now 0.73% more expensive than the average direct two-year fix. The price of an average two-year fixed deal for direct customers is 4.30% […]

Low rates prompt drop in arrears for young owners

The number of home owners in their 20s in mortgage arrears contacting debt charity Consumer Credit Counselling Service has almost halved over the past two years. CCCS saw only 816 such clients with arrears in 2011 compared with 1,344 in 2009. The charity attributes the improvement to low interest rates which have reduced monthly mortgage […]


House sales plummet 40% in five years

House sales are almost 40% lower than five years ago at the peak of the boom, says the latest housing market survey from the Royal Institution of Chartered Surveyors.


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