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The new year started off with some great news as the Monetary Policy Committee announced today that interest rates will drop by 0.25%, bringing the repo rate to 7.5% and the prime lending rate to 11%.
“Following previous rate cuts in September and November, this additional adjustment positions the property market for potentially more favourable conditions in the months ahead, keeping in mind that the impact of an interest rate reduction typically becomes evident a few months after the market has had time to adapt to the change,” says Goslett.
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