Standard residential mortgage searches fell 9.4% to 50,500 compared with a weekly average of 55,714.

Base rate remains at 4% following five reductions since August 2024.

House prices fell by 0.6% in July, marking six consecutive monthly declines.

The MPC’s vote was narrowly split, with five in favour of the cut and four opposed.

The bank last reduced the Base Rate by 0.25% in May.

May’s base rate reduction has helped to restore buyer confidence and brought bidders back to the market after the new Stamp Duty thresholds cooled the market, says Auction...

Bank of England governor Andrew Bailey says inflation easing was behind the decision to cut.

Financial markets are expecting three Bank of England rate cuts by the end of the year.

Following a drop in February 2025 from 4.75%, the rate has today been maintained at 4.5%.

The move marks the third time interest rates have been cut since August 2023.