What will the 0.25% interest rate do to the Medway property market?

I had an interesting chat with a Wainscott landlord who owns a few properties in the area. He popped his head in to my office as his wife was shopping in the area (and let’s be honest talking about the Medway property market is a lot more interesting than clothes shopping!). We had never spoken before (because he uses another agent in the area to manage his Medway properties).  However, after reading my blog on the Medway Property Market for the last few months, the landlord wanted to know my thoughts on how the recent interest rate cut would affect the Medway property market. I would like to share these thoughts with you now.

Well it’s been a few weeks now since interest rates were cut to 0.25% by the Bank of England as the Bank believed Brexit could lead to a materially lower path of growth for the UK, especially for the manufacturing and construction industries. You see, for the country as a whole, the manufacturing and construction industries are still performing well below the pre credit crunch levels of 2008/09, so the British economy remains highly susceptible to an economic shock. This is especially important in Medway, because even though we have had a number of local success stories in manufacturing and construction, a large number of people are employed in these sectors. In Rochester, of the 30,136 people who have a job, 2,249 are in the manufacturing industry and 3,364 in Construction meaning;