400,610 mortgage searches took place in the week before the 19 June decision

The bank last reduced the Base Rate by 0.25% in May.

Bank of England governor Andrew Bailey says inflation easing was behind the decision to cut.

Financial markets are expecting three Bank of England rate cuts by the end of the year.

Following a drop in February 2025 from 4.75%, the rate has today been maintained at 4.5%.

The move marks the third time interest rates have been cut since August 2023.

The Bank of England's Monetary Policy Committee has voted to hold interest rates at 4.75%.

The Bank of England's Monetary Policy Committee has voted 8–1 in favour of reducing the Bank Rate from 5% to 4.75% with one member voting to hold the rate at 5%.

Last month, the base rate was cut from 5.25% to 5%, marking the first reduction since the pandemic.

Last month's rate cut by the Bank of England has further accelerated an already very busy property market, according to the latest insight and market analysis from Home.