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. The Bank of England anticipates inflation will return to its 2% target by June this year.
00:17 That's nearly 18 months earlier than previously projected.
00:21 Those in the property sector will particularly welcome the news as there have been fears of a market crash.
00:28 And indeed the North East has seen the most significant decrease in house prices in the UK
00:35 dropping by 1.7% this month with a total drop of 3.1% over the last year
00:41 meaning the average property in this region is now worth £155,000.
00:47 While concerns regarding the housing market will likely be steadied by the news that Prime Minister Rishi Sunak
00:54 and Chancellor Jeremy Hunt say they are encouraged by the inflation decrease
00:59 hinting at potential interest rate reductions to bolster the economic outlook ahead.
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