Rural property consultancy Galbraith has welcomed the decision to cut interest rates as a further boost to house hunters, amid signs that market conditions are improving.

Sam Gibson, a partner with Galbraith based in Northumberland, says the hesitancy seen over the past three months has begun to ease: “Any interest rate cut is good news for the property sector, but the timing of this announcement is particularly positive, as we approach Christmas. The Boxing Day bounce has become an established phenomenon, with a significant spike in activity on property portals immediately after Christmas. Families often discuss their priorities for the coming year when they are all in one place for Christmas and whether or not their home is really right for their family. An interest rate cut may act as the catalyst for a property listing.”

Galbraith reports that a range of factors combined to create a perfect storm in the run-up to the Budget, with many buyers and sellers unwilling to commit to a house purchase.

Sam Gibson continued: “We saw a period of stagnation before the Budget, as many buyers and sellers postponed making any important financial decisions. This hesitancy resulted in a lack of demand and a lack of confidence among both buyers and sellers. Now, sellers have the confidence to list their property, and buyers are encouraged by a more open and active market. This week alone we have secured more sales than we did in the three preceding weeks. Business confidence is returning and the interest rate cut will certainly add to the feelgood factor.”

Galbraith reports good demand for well-located properties, with offers in excess of the asking price for the most attractive homes across Northumberland and the north east of England.

Galbraith handles residential property sales of £225m per year on average, across the north of England and Scotland, as well as land and farm sales, forestry and commercial property management, sales and advice.