Bank of England Holds Interest Rates at 3.75%, Mortgage Rates to Remain High

The Bank of England's Monetary Policy Committee has decided to hold interest rates at 3.75%, a decision that may keep mortgage rates high for homebuyers.

Nathan Emerson, Chief Executive at Propertymark, believes the Bank is taking a measured approach, given inflation remains above its 2% target.

Emerson says a stable base rate provides certainty for the housing market, allowing lenders to offer competitive mortgage products and giving buyers confidence in making informed financial decisions.

However, Emerson notes that inflationary pressures have not disappeared, with ongoing uncertainty in global energy markets likely to keep the Bank cautious over the coming months.