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A local estate agent believes the cut in interest rates announced at lunchtime will give the housing market in United Kingdom a much needed confidence boost.
Nick Cooper from Black Grace Cowley says the 0.25 per cent drop means consumers can breathe a sigh of relief.
It's the first reduction for two years, and some analysts believe it's the strongest sign yet that the Bank of England is concerned the UK economy could be heading for a sharp slowdown.
Mr Cooper says while the Isle of Man has not suffered the same problems as the UK with regard to a downturn in the housing market, the cut is still good news for potential buyers over here (audio file attached):
(Image: file picture).
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