Disappointment as Bank of England holds interest rates: Jonathan Rolande’s perspective on the property market

Jonathan Rolande, founder of House Buy Fast, expressed his disappointment with the Bank of England’s decision to keep interest rates steady yet again. In his opinion piece, he likened the central bank to a cautious football manager, likening them to Gareth Southgate – sensible, risk-averse, but lacking in excitement.

Rolande pointed out that the property market has been struggling for confidence since interest rates began to rise in September 2022. He argued that a rate cut this week would have injected much-needed energy into the market, benefiting both buyers and developers.

He urged the Bank of England to consider the real-world impact of their decisions on the property sector, noting that many estate agents are operating in a fragile market. Rolande believed that a rate reduction would have prompted lenders to lower their rates and helped first-time buyers escape the rental trap.

Looking ahead, he warned that without a rate cut soon, the market risks stagnating during the winter months. Rolande hoped for at least one or two rate cuts before the next General Election to provide a much-needed boost to the property market.

In conclusion, Rolande emphasized the importance of economic support to revive the property market and set it on a positive trajectory. His perspective on the Bank of England’s decision resonates with many in the industry who are eagerly awaiting a change in interest rates to breathe new life into the market.