Home sales with low interest rates

With the recent bank of england interest rate cut, what will be the effect on the home selling market?

The first thing that needs to happen is consumer confidence needs to increase, and without the various home lenders passing the full rate cut onto customers, people will not be sure whether now is a good time to buy or sell their house.

With jobs still at risk, and the unemployment rate still high, it is going to be hard to sell homes privately. So far now a lot of people are going to be playing the waiting game, first time buyers might even have harder times getting onto the property ladder with lenders probably only willing to offer 75% mortgages, and many present home owners in negative equity, they wouldn't be able to sell their houses even if they wanted to downsize!

The coming months will tell if the rate cut will encourage the housing market to be more buoyant and those we might see an increase in private house sales.