The full range has been reduced by 15bps.

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Rates have been reduced by up to 20bps

Selected two-year rates have also been reduced by up to 10 basis points.

The latest cuts follow a similar move by the bank in mid-April when rates were reduced by up to 0.20%.

Average rents rose from £1,213 in March to £1,216 in April, ahead of a predicted summer rental spike.

Just 11.6% of London’s rental homes fall below the proposed Decent Homes Standard, the lowest rate in the country.

Sustained global uncertainty and delayed decision-making are continuing to impact confidence in the construction sector negatively.

Shenfield rents have jumped nearly 53% since 2021 — the highest increase along the Elizabeth line corridor.