Interest rate cut a shot in the arm for homehunters

Leeds househunters have been handed a fresh boost after the Bank of England cut interest rates - with a leading city mortgage broker predicting buyers in the region will soon be cashing in.

- by James Connolly

The Bank's decision to slash the base rate by 0.25 per cent to 4 per cent comes as affordability improves and prices in the city edge down from record highs, experts said.

Average house prices in Leeds have dipped from £244,023 in March to £241,163 in May, according to Land Registry data analysed by homebuying platform OneDome.

Leeds-based mortgage broker Elliott Benson, of Sett Mortgages, said: "Yes, house prices are still high relative to incomes but they're a lot lower than they have been for over a decade.