Florida Real Estate, Tourism and Immigration News

The Bank of England Base Rate was reduced a further 1% to 2% on today.  The Governor invited the Committee to vote on the proposition that Bank Rate should be reduced by 1.0 percentage points to 2.0%. and the Committee voted unanimously in favour of the proposition.

In the United States, a number of indicators had suggested that the slowdown was intensifying. The latest release of the Q3 GDP data had confirmed a small fall in output and the latest monthly data were consistent with a larger fall in the fourth quarter. Declines in both the manufacturing and non-manufacturing had also been very downbeat.

Monthly figures for US consumption expenditure had fallen for five successive months. There as no sign yet of any turnaround in the US housing market, with a large overhang of unsold homes, house building at a 50-year low and house prices falling. The labour market data for October had shown a large fall in employment.

Read the full report here:

http://www.bankofengland.co.uk/publications/minutes/mpc/pdf/2008/mpc0812.pdf

The Bank of England’s Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 0.25 percentage points to 5.25%.

Against that background, the Committee judged that a reduction in Bank Rate of 0.25 percentage points to 5.25% was necessary to meet the 2% target for CPI inflation in the medium term.

The minutes of the meeting will be published at 9.30am on Wednesday 20th February.

The previous change in Bank Rate was a reduction of 0.25 percentage points to 5.5% on 6 December 2007.

Bank of England Cuts Rates!: This very welcome news to UK homeowners has a knock on effect to Florida in many ways: UK Buyers have more disposable income, UK Buyers can take advantage of our Multi-Currency mortgage – which when the loan is in pounds sterling, tracks the Bank of England Base Rate and a rate cut is aimed at boosting the economy! A boost in the economy in the long term means an advantageous exchange rate for British Buyers looking to buy property in Dollars!

Florida property is a fantastic investment opportunity at the moment, the the exchange rate over $2 to £1 and low prices it is a great time to buy.

Please contact us using our free online form right now if you are thinking of Refinancing or Purchasing a Florida property.