Yorkshire Country Properties boss interest rate cut response

Paul Brown, who lives in Easingwold is formerly the founder and MD of Caedmon Homes, said the decision by the bank to cut the base interest rate by 0.25per cent from 5.25 per cent to 5 per cent has provided the embattled UK housing market with much-needed hope.

Caedmon developed three sold-out sites in York, Whitby and Boroughbridge including St John’s Mews, in Penley’s Grove Street in the city just outside the Bar Walls.

Mr Brown, who is now the managing director of award-winning Vivly Living, said: “The cut to the base rate will deliver a timely confidence boost to the housing market in Yorkshire and across the UK. Despite headline inflation falling, the Bank had remained cautious about making a decision too soon that could reignite inflationary pressure. The time had now come to be braver, with inflation under control.

“For homeowners and those who’ve been looking to get on the property ladder, the past few years have been tough, but there are signs of it changing. Rates on mortgage deals have been falling, and I’m very hopeful that more cuts will follow.

“Summer is traditionally a busy time of the year for the housing market and this base rate cut should hopefully provide a new wave of confidence and affordability for many. With a new government in power that is committed to delivering near two million new homes, the bank’s decision could be a real turning point for homeowners and those who aspire to buy.

“There’s lot of pent-up demand in the market after months of political uncertainty and the base rate cut is the catalyst that we’ve been waiting for. We’ve already seen monthly mortgage approvals sitting at consistently high levels as this pent-up demand across the market has been released and, with interest rates now starting to fall, there are genuine grounds for optimism in the residential property market.”

Yorkshire Country Properties homes (Image: Supplied)

Vivly Living, formerly Yorkshire Country Properties, is currently on site with three successful West Yorkshire developments at Shepley, Skelmanthorpe and Denby Dale.

Mr Brown said: “This stability in interest rates and the general more optimistic market sentiment is now resulting in an increase in enquiry levels and sales at all three of our sites, especially in the over £450,000 house price sector.

“It is so important to remember that all parts of the new homes market aren’t in decline, despite what some pessimists might say. Our starter homes initiative at our three sites has been incredibly successful with first-time buyers keen to stop paying high rents and to climb on to the property ladder for the first time. There is also strong evidence to suggest that demand for well-built attractive family homes, correctly priced, remains healthy and should gather pace during the next 12 months.”

Vivly Living has just been shortlisted in Housing Project of the Year category for its successful Knowle Grange development in Shepley and the company won of a raft of regional and national awards last year.