Property UK: Number of homes sold RISES in May as interest rates remain on hold

There was a glimmer of encouragement for the UK property market today as the Bank of England held interest rates at their current level of 0.50 per cent amid the news that the number of homes sold in May increased on April. The Monetary Policy Committee voted six to three in favour to hold rates, a reflection of the fact that CPI inflation was 2.4 per cent in May, unchanged from the previous month, and which is expected to increase slightly in the near future due to higher dollar prices and a weaker sterling exchange rate. -»