Yesterday the bank rate was held at a record low of 0.5% yet again which remains at a historical low since March 2009. This was the sixteenth consecutive month that the rate had not changed which is not surprising bearing in mind that the emergency budget is less than two weeks away. Thankfully the rate has remained so low for so long as I believe that any increase, even a small one, could have a negative impact on the property market. But so far so good this year with sales remaining steady and prices remaining constant. The supply of new homes coming onto the market has also increased recently as a direct result of Home Information Packs being suspended. This sort of market activity would also appear to be being confirmed by the Lloyds Group who have stated that there has been a slight dip in prices in May whilst Nationwide state there has been a slight increase, so I think overall one can say that the market remains steady as the new Government finds its feet in Number 10.
