![\"\"](\"https:\/\/propertyindustryeye.com\/wp-content\/uploads\/2021\/03\/Bank-of-England-1-336x224.jpg\")
<\/a>Interest rates are set to fall at their fastest rate since the 2008 financial crisis, economists have predicted, offering mortgage holders relief from high borrowing costs.<\/p>\nThe Bank of England is expected to cut interest rates from 4.5% to 4.25% next week in what would be the second rate reduction this year, having already dropped from 4.75% to 4.5% in February.<\/p>\n
Economists are pricing in further rate cuts this year, which could result in them falling by up to 1% over the next six months. This is in response to President Trump\u2019s protectionist trade policies, which Clare Lombardelli, a deputy governor at the Bank of England, has warned could potentially \u201cdepress\u201d UK growth.<\/p>\n
The rate cuts are set to bring the cost of borrowing down to below 3% for the first time since October 2022.<\/p>\n
During the financial crisis, rates fell from 4.5% in October 2008 to 0.5% in March 2009.<\/p>\n
Barclays has reportedly said it anticipated rates to fall to 3.5% by September.<\/p>\n
Barclays is among a host of well-known lenders that have cut mortgage rates this week by up to 0.25%.<\/p>\n
Barclays, HSBC and NatWest have all joining the other big six lenders in Halifax, Nationwide and Santander in offering fixed rates below 4%.<\/p>\n
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![\"\"](\"https:\/\/propertyindustryeye.com\/wp-content\/uploads\/2021\/03\/Bank-of-England-1.jpg\")
<\/a>Interest rates are set to fall at their fastest rate since the 2008 financial crisis, economists have predicted, offering mortgage holders relief from high borrowing costs.<\/p>\n