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Do Recent Mortgage Rate Cuts Mean The Bottom Of The Market?

News that Nationwide, Abbey, Woolwich, Cheltenham and Gloucester and Halifax - among others - have moved to reduce their mortgage rates over the last two weeks has seen some investors stand up and take note. But is this the end of the market falls or a ploy to try and inject some confidence?

As we have mentioned on numerous occasions on this website, the UK property market is going through a period which few have ever experienced before. Desperate for a reduction in UK base rates, the calls to the Bank of England have been thwarted as the authorities look to get inflation under control before looking at anything else.

While the recent downward movement in rates is welcome and will save money for some home buyers, the fact that many are not even able to afford the increased deposits will see the overall affect of rate reductions negated somewhat. What we really need to see is a concerted move in the housing market and buyers returning to the fore.

Any chance of such an improvement in confidence and business levels seems to have been cut short by the government's on-off-on-off housing market rescue package in the short term.

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