With inflation stuck at 3.8%, households remain under pressure – but there are signs the peak may have passed. For would-be buyers, high living costs continue to make saving for a deposit challenging, with over half of renters citing it as their biggest barrier. Yet, with greater borrowing power, product innovation and broker expertise, new opportunities are opening up to help clients achieve homeownership sooner than expected. All eyes turn to The Bank of England’s rate decision tomorrow which will be closely watched.
Martyn Smith, CEO at Black & White Bridging, said:
“For prospective borrowers waiting in the wings for a better deal, this could be a game-changer. It’s now critical the Bank of England cuts the base rate again tomorrow to instil further confidence in these borrowers and help landlords and other businesses currently struggling under the weight of high interest rates.
“We must increase opportunities for investment. We must boost borrowing. We must give borrowers a chance.”