CHANCELLOR Jeremy Hunt yesterday urged the Bank of England not to cut interest rates too quickly and risk raising them again.
The couch held prices at 5.25 percent because inflation is still above the two percent target.
Boss Andrew Bailey said he was “optimistic” and said he believed inflation “will be close to our target in the coming months”.
It fueled hopes of a cut as early as June.
Chancellor Jeremy Hunt said he would “much rather wait until they are absolutely certain that inflation is on a downward trend than rush into a decision that they would have to reverse at a later stage.”
“What we want is sustainably low interest rates, and what I think is encouraging is that for the first time the Governor of the Bank of England has expressed real optimism that we are on that path.”
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Today's GDP figures are likely to show that the economy has emerged from the recession.
It now predicts the economy will grow by 0.2 percent in the second quarter of this year, helped by government cuts to national insurance and increases in child benefit payments.
Last month, The Sun announced those figures All this meant good news for real estate, prices, the industry and the stock market.
The number has been approved in housing mortgages rose in February to the highest level since the 2022 mini-budget plunged the market.
60,400 were awarded, compared to 56,100 in January. bank of England figures showed. And the interest on these loans is now below 5 percent.
Stuart Cheetham, boss of MPowered Mortgages, attributed the rise to a price war between lenders.
He said: “A wave of rate cuts in the early weeks of 2024 made mortgages cheaper and boosted demand from many potential homebuyers who had stayed out of the closet in 2023.”