Date Published 07 November 2024
The Bank of England has cut interest rates from 5% to 4.75%, providing some welcome cheer for landlords in Poole looking to invest and remortgage.
After a Budget which hit Buy to Let investors with a 2% increase in the higher rate of Stamp Duty for additional properties, the Bank was prompted to act by the lower inflation rate, which fell to 1.7% in September - although it warns inflation will creep higher again.
The Bank's Monetary Policy Committee, headed up by Andrew Bailey (main image) last cut rates from 5.25% to 5% in August, the first drop in more than four years following a string of increases. ONS figures have also showed that wage growth slowed to its lowest pace for more than two years.
If you are a landlord / buy to let investor looking for properties or advice about letting your Poole properties please do get in touch on 01202 621900.
