Low interest rate boosts confidence in new homes

Today's announcement (6th November) by the Bank of England's Monetary Policy Committee to reduce the interest rate by 1.5 per cent to three per cent will be welcomed by house hunters across the West Midlands and will boost confidence that now is definitely a good time to buy a new home.

Interest rates are now at their lowest since 1955 and it is the most dramatic cut since a two percentage point reduction in 1981 - a move that has been welcomed by Wolverhampton-based Persimmon Homes West Midlands.

Anita Williams, sales and marketing director for Persimmon Homes West Midlands, comments: "Given the squeeze on credit, today's decision to lower the rate to three per cent will certainly boost confidence in the buying public. Those who have hesitated about when to make the move should be encouraged to come forward now, and appreciate the great variety of opportunities on offer.

"We work hard to make homes as affordable as possible, and schemes to suit all buyer types have been examined carefully, especially in the recent slower marketplace. This is extremely positive news for youngsters looking to take their first step on the property ladder and for those looking to make the move into a bigger home.

"We already have a number of home moving incentives available on developments across the West Midlands region geared at making the buying process easy, including our ‘no deposit scheme' and offer of Part Exchange on selected properties. However, today's announcement will help even further. What a great confidence booster for all. This news will surely kick-start the good feel factor."

Persimmon Homes West Midlands is currently building new homes in Birmingham, Bridgnorth, Cannock, Darlaston, Pype Hayes, Lichfield, Newport, Rugeley, Smethwick, Stourbridge, Tamworth Telford, Tipton, Shelfield, Wolverhampton and Yardley Wood.

For further information on your nearest development, log on to Persimmonhomes.com.