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Interest rates now 3%

The Bank of England has cut interest rates to 3%, the lowest since 1955

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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.'

Country Life
Country Life

Country Life is unlike any other magazine: the only glossy weekly on the newsstand and the only magazine that has been guest-edited by His Majesty The King not once, but twice. It is a celebration of modern rural life and all its diverse joys and pleasures — that was first published in Queen Victoria's Diamond Jubilee year. Our eclectic mixture of witty and informative content — from the most up-to-date property news and commentary and a coveted glimpse inside some of the UK's best houses and gardens, to gardening, the arts and interior design, written by experts in their field — still cannot be found in print or online, anywhere else.

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