The Bank of England’s Monetary Policy Committee today voted to maintain the base rate at 0.5%.
The level has remained the same since a drop of 0.5% in March.
Sonya Kapur, Investment Analyst at BNP Paribas Real Estatesaid said of the announcement:
"While interest rates are likely to stay low and quantitative easing set to increase at some point over the next twelve months, for now the more pressing issue for commercial property is the exchange rate, which is currently weak against the Euro.
This will help prop up the commercial property market by attracting more overseas investment, the main driver so far in the recovery. It will also help newly formed overseas opportunity funds purchase property with a further discount."