Leading legal practice welcomes Interest Rate Cut

Davisons Law, which has 18 offices including ones in Birmingham City Centre, Edgbaston, Solihull and Sutton Coldfield, sees the rate cut as a potentially positive signal for the property market, despite broader economic headwinds.

Gary Davison, Managing Director at Davisons Law, said: "There have been numerous hints in the media over the past several weeks that there would be a cut in interest rates, and at last this has come through. The cut is by 0.25% bringing the rate down to 4.5%, the lowest since June 2023. This will be a welcome relief to homeowners with a mortgage and those looking to buy property, both of whom can look forward to cheaper repayments. Nonetheless there remains pressure for further cuts to give the property market continued and well needed impetus.

Mr Davison added: "In this changing economic environment, it's more important than ever for buyers and sellers to secure expert legal advice to navigate their property transactions smoothly and protect their interests.”

The Bank of England announcement comes as Davisons Law continues its largest recruitment drive to date, with over 53 positions available across its nationwide network, particularly in conveyancing and property law services.