Interest rate cut 'a step in the right direction'

The Bank of England's decision to cut interest rates by 0.25 per cent yesterday "is a step in the right direction" for the housing market, according to iammoving.com.

Peter Beckett, a spokesperson for the change of address service, said that while the move is not going to "set the market on fire", it could be effective if further cuts follow.

He added that at the moment, it may take more than the yesterday's rate cut to get the market moving again.

"People will always need to move, but at this stage renting is seen as a better option by many that buying a house – which is a big change in attitude from the last ten years," he explained.

Recent research by iammoving.com found that 14 per cent of people that were planning to move were thinking about dropping out of the property market in order to free up finances.

The same study found that 32 per cent would prefer to remain homeowners, but would considering renting if they could not find a suitable house.

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