Musings of a London Property Finder
Election fever today as the country goes to the polls to elect the MEPs, who have a much worse record on expenses, one would presume, than that the motley crew who sit at Westminster. However life outside elected politics continues but there were no surprises when the Bank of England released a statement today saying that the Monetary Policy Committee had voted to hold the official Bank Rate paid on commercial bank reserves at 0.5%.
The Committee also voted to continue with its programme of asset purchases totalling £125 billion financed by the issuance of central bank reserves. The Committee expects that the announced programme will take another two months to complete but with all the talk of green shoots, many commentators are now rather grudgingly admitting that it might have worked.
From the view of a London Property Finder, we are certainly seeing an increase of activity at all ends of the market. First time buyers are keen to buy; it’s flat hunting time for parents seeking a safe home for their offspring due to start university in October and foreign buyers are still keen to invest in the UK while their currencies buy them more pounds than usual. All in all, the combination of low interest rates and cheaper house prices are encouraging people to buy and keeping prices steady at 2006 levels in most cases in London. Now if only all the property buyers would all employ us to do the looking!