The Bank of England has cut interest rates for the second time this year as expected.

Policymakers at the Bank of England have opted to to reduce interest rates to 4.75% today.

Rates sat at 5% after being cut by 0.25% points in August, the first reduction since 2020. They were then kept the same in September.

Industry reaction: 

Matt Thompson, head of sales at Chestertons, said: “With inflation below 2%, it was almost certain that the Bank of England would cut interest rates today. This is welcome news for house hunters who will now feel more motivated to resume their search. We predict the boost in buyer confidence to result in the property market being busier than expected for this time of year.”