The Monetary Policy Committee (MPC) at the Bank of England has, as expected, held interest rates at their three-year low of 3.75%.

The MPC is responsible for maintaining monetary stability by working to keep inflation low and stable. It held the rate today after cutting rates six times since August 2024.

Although not a unanimous decision, the committee felt inflation has fallen a long way from its peak of over 10% three years ago, and it now expects it to be back to its 2% target this spring.

Sheldon Bosley Knight director Gary Simpson said the announcement was positive for both those who are buying or selling property.

He said: “The Bank of England holding interest rates will be reassuring news for the Midland’s property market. We’ve already seen a strong start to the year with healthy levels of enquiries and viewings and today’s decision should help maintain that momentum.

“For buyers the continued stability brings confidence around affordability, while sellers are benefiting from committed demand for well-priced homes.

“Overall, this creates a positive environment for both sides as the market continues to move steadily forward.”