Blog Post

Interest rate outlook

Gill - Head Gillian Bell Feb 2, 2024, 14:00 PM

The Bank of England held the Bank Rate at 5.25% in its February 2024 meeting. The Bank Rate has been at this level since August 2023. Given current economic data, it is more likely that interest rates will be cut in the second half of 2024 not the first.

The latest consensus forecast (January 2024) is for the Bank Rate to be 4.5% by the year end. Looking back over recent months, the interest rate expectations in the monthly consensus forecasts have been improving. The forecast issued in September 2023 was for 5% by the end of 2024.

There is likely to be volatility in the economic data over the next few months. Despite higher interest rates, 85% of mortgages over 2023 were on fixed rates, helping borrowers manage the uncertain climate. Source: #Dataloft, HM Treasury (consensus average across contributing economists), FCA. *Q1 to Q3 2023

Load more comments
Thank you for the comment! Your comment must be approved first
comment-avatar

"Sean was really lovely on our inspection. Quick, easy and efficient. Thank you!"

- Roberta

"Sold a property, and Gill was amazing throughout the process!"

- Rachel

"I would like to thank Abbey for all her help and support she offered"

- Marie

"I deeply appreciate Peter Anthony Estate, especially Abbey, who works here."

- Delar

"Would highly recommend Peter Anthony when selling your property."

- Gwen

"Dewi kept us up to date & was very understanding of my Mum's situation. I would highly recommend selling with this company."

- Jane

"Abbey was very friendly and helpful"

- Sandra

"nothing written"

- Nadeeka Edirisinghalage