00:00 The Bank of England has opted to maintain its current interest rates at 5.25%.
00:09 That's despite a decline in inflation.
00:11 The Bank of England anticipates inflation will return to its 2% target by June this
00:16 year.
00:17 That's nearly 18 months earlier than previously projected.
00:22 Those in the property sector will particularly welcome the news as there have been fears
00:26 of a market crash.
00:28 And indeed, the West Midlands has seen a significant decrease in house prices, dropping by 0.6%
00:35 this month, with a total annual drop also at 0.6% over the last year, meaning the average
00:42 property in this region is now worth £249,000.
00:48 While concerns regarding the housing market will likely be steadied by the news that Prime
00:53 Minister Rishi Sunak and Chancellor Jeremy Hunt say they are encouraged by the inflation
00:58 decrease, hinting at potential interest rate reductions to bolster the economic outlook
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