Last month the Bank of England cut rates from 5% to 4.5% in an emergency move co-ordinated with other central banks. Today they’ve further reduced them to 3%, the lowest rates since 1955.

This is the first time the Bank has cut rates by more than half a percentage point since gaining its independence in 1997.

Read the full story on the BBC News website

Philip Selway, Managing Partner of high-end property buying consultancy, The Buying Solution, says: ‘The unexpected 1.5% cut in interest rates is exciting news.  It is extremely positive for our clients as it will help stimulate the property market. Those who put their decision to buy on hold will be motivated by the rate cut and the possible belief that we are perhaps nearing the bottom of the market.’