Builder’s advice over rates cut

Chestnut Homes managing director David Newton EMN-160807-072316001
Chestnut Homes managing director David Newton EMN-160807-072316001

Local housebuilder Chestnut Homes says the Bank of England’s decision to cut UK interest rates is set to provide a boost to would-be homeowners.

Managing director of the Langworth-based builder, David Newton, said: “This is a great time for people looking to buy their first home, with interest rates at record lows and various schemes in place to make buying a home more affordable.

“With rental prices continuing to rise, now is the right time to take the step from being a tenant to being a homeowner.

“Likewise, those who already own a home can take confidence from the lowering of interest rates when making their next move.”

Interest rates have been cut from 0.5 per cent to 0.25 per cent, a record low and the first cut since 2009.

Chestnut Homes is currently looking to build 325 new houses off Caistor Road in Market Rasen.