Interest rate cut: Is now the right time to buy a house in Edinburgh?

People looking to buy a house in Edinburgh may welcome today’s (April 10th) monetary policy committee’s decision to cut the interest rate, it has been suggested.

The cost of borrowing has now been reduced to five per cent, meaning that househunters who buy a house in Edinburgh may find it easier to meet their mortgage costs, according to the Building Societies Association (BSA).

Commenting on the Bank of England’s decision, Adrian Coles, director general of the BSA, said: "The cut will be particularly welcomed by those taking out a new mortgage and those coming off a fixed-rate product.

"With activity in the housing market cooling, this rate cut should make it easier for borrowers to meet their mortgage costs."

Earlier this week, the Halifax House Price Index revealed that despite a downturn in the UK’s house prices, the Scottish market remains strong, having experienced a 5.3 per cent increase in the past year – meaning that this could be the perfect time to buy a house in Edinburgh.