The boss of a major independent estate agent firm says the housing market now has a real “buzz” after the Bank of England cut interest rates.

Patrick McCutcheon (main image), Head of Residential at Dacre, Son & Hartley (main picture), says the interest rate reduction provided a “big shot of positivity” for the housing market.

He claims the Yorkshire-based company has seen a surge in activity since the Bank cut the base rate from 5.25% to 5% earlier this month, the Keighley News reports.

When rates were reduced for the first time in four years it was a big shot of positivity for the market.”

“Speculation about when the first Bank of England rate cut would come had been a major uncertainty for the housing market, so when rates were reduced for the first time in four years it was a big shot of positivity for the market,” he says.

“It created an immediate buzz, and we’ve certainly seen an uplift in activity across our offices since then.”

Stock increase

He also says there has been an increase in stock for sale this year.

“Buyers now have homes to choose from throughout North and West Yorkshire. All this should set the market up for a busy autumn period.”

Dacres was founded more than 200 years ago, and claims to be Yorkshire’s largest independent estate agent with 20 offices across North and West Yorkshire.

Earlier this year, the firm announced it was returning to the lettings and property management market after a three-year absence.

Market leader

Meanwhile, Nationwide is leading the mortgage market at present with its five-year fixed rate now on offer at 3.78%.

And Accord Mortgages is set to reduce rates on its buy-to-let loans for the second time this month, with cuts of up to 0.20%.