The effects of the 1.5 percent rate cut by the Bank of England last week will take some time to be felt, according to London estate agents.
The effects of the Bank of England's 1.5 percent base rate cut may not be felt until later in the month, London estate agents have asserted.
According to the Telegraph, Douglas & Gordon negotiator Emma Cole stated that the base rate reduction will take "some time" to encourage buyers back into the property market.
"The next week will be quite telling," she added, explaining that the agency has experienced a "tough and depressing" past few months.
Many mortgage lenders may face a "difficult balancing act" following the 1.5 percent interest rate cut by the Bank of England last week.
Liam Bailey, head of the research department at Knight Frank, stated that as the banks are attempting to reduce their exposure to lending, the current situation will depend on Libor - the rate at which banks lend to other banks - which was reduced by one percentage point on Friday (November 7th).
According to the Bank of England's monetary policy committee, the base rate cut from 4.5 percent to three percent was made to balance risks to the UK's inflation outlook, particularly the tightening availability of credit, a sharp economic slowdown and weak income growth.
