Bank of England sets interest rates as Brexit looms and house prices slide – business live

Rolling coverage of the latest economic and financial news,
including the final Bank of England inflation report before Brexit
Day

8.59am GMT

Britain’s housing market has been sent into a spin by
political uncertainty, and low supply of houses, says Lucy
Pendleton
, director of independent estate agents James Pendleton.

She adds:

“The long-term holding pattern in prices ahead of Brexit is
abundantly clear and overall measures of consumer confidence have
been scraping five-year lows.

However, if the UK does enjoy a good EU exit, then a relief
rally could be in store given the plentiful government support for
buyers, cheap borrowing and rising wages coupled with low
supply.”

8.56am GMT

Halifax’s data also show that prices are actually lower than a
year ago – another sign that the housing market has cooled.

Source: FS – All-News2-Economy
Bank of England sets interest rates as Brexit looms and house prices slide – business live